Sunday, August 14, 2022

ADA price hits $3 for the first time as Cardano, Ethereum lead crypto ‘super bull cycle’


Cardano’s ADA token surged to new all-time highs on Thursday as an altcoin comeback gripped cryptocurrency markets.

ADA/USD 1-day candle chart (Binance). Supply: TradingView

Cardano joins Ether in severe features

Information from Cointelegraph Markets Pro and TradingView confirmed ADA/USD clipping $3.06 throughout buying and selling Thursday.

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Having proven energy for a number of weeks, Cardano benefited from a broader altcoin resurgence after trying to hit the $3 mark all through the second half of August.

The transfer coincided with the launch of the Cardano Alonzo testnet forward of a mainnet debut later this month.

On the time of writing, ADA/USD remained above $3 whereas taking a break at $3.066 on Binance.

Weekly features totaled 17.2%, whereas Ether (ETH) nonetheless outshined within the top 10 cryptocurrencies by market capitalization with 20.5% weekly returns.

ETH/USD traded at virtually $3,800 Thursday, round $600 in need of its historic all-time highs seen in mid-Might.

ETH/USD 1-day candle chart (Bitstamp). Supply: TradingView

Stars align for a crypto bull run

ETH had begun the upward strikes for altcoins, which initially happened as Bitcoin (BTC) cooled round $47,000. As BTC/USD then started to follow suit, a snowball impact appeared to enter the market, with all however three of the highest 50 crypto tokens within the inexperienced on the day.

Associated: Price analysis 9/1: BTC, ETH, ADA, BNB, XRP, DOGE, SOL, DOT, UNI, LUNA

“We’re getting into the second section of this tremendous bull cycle and I prefer it. Take pleasure in it,” Cointelegraph contributing analyst Michaël van de Poppe summarized.

As Cointelegraph reported, the foundations seem like in place for renewed energy in Bitcoin and altcoins, the previous’s on-chain metrics and fundamentals firmly bullish.