Cardano hits a new All-time high and swaps places with Tether
After hitting a new all-time high, Cardano (ADA) recovers its position as the fourth cryptocurrency by market cap.
On Sunday, Cardano’s ADA soared once again after months of ups and downs which restored Cardano’s position as the fourth-largest cryptocurrency by market cap after BTC, ETH, and BNB.
After hitting $1.83 as its new ATH, ADA remain a little below $1.80. Cardano’s performance this month has been satisfying. It has grown 14% in the past month, 31% over the past week, and 47% over the past month.
Having soared so much, ADA’s position improved as a result of having a bigger market cap which in turn led to a better position in the market. ADA replaced Tether in the market leaderboard with $57.8 billion according to data obtained from Coingecko.
Comparing Cardano with coin number one in the crypto space by market cap Bitcoin is also interesting in the sense that, ADA has had a sharp rise by 16% while BTC didn’t go up significantly, only trying to keep itself above $50K.
Once breached its resistance level at $1.48 last week, ADA continued its uptrend. The next target is supposed to be at $2 and if reached the one after that is $2.25.
ADA is soaring in value and it can be attributed to the support it gets from a couple of things like fundamental, technical, and sentiment-driven indicators. For instance, as a fundamental development, ADA staking is a new feature that is available now on ADA’s platform. It is available on Kraken exchange and you can receive rewards up to 6% and reap your rewards every week.
Moreover, Cardano will have an upgrade as it is in its roadmap called Alonzo upgrade in which smart-contract capability will be introduced on the blockchain.
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