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11/09/2021

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Cardano Ends Streak of Anemic Price Action with 17% Spike

Cardano is finally having its moment after a long streak of anemic price action

Cardano Ends Streak of Anemic Price Action with 17% Spike

By Alex Dovbnya

Cardano is finally having its moment after a long streak of anemic price action

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

After remaining in the doldrums for almost two months, Cardano (ADA) finally has its moment to shine, adding 17% over the past 24 hours, according to data provided by CoinMarketCap.

The native digital currency of the eponymous proof-of-stake (PoS) blockchain is currently vastly outperforming the rest of the ten biggest cryptocurrencies.

While Bitcoin (BTC) and Ether (ETH) hit new record highs earlier today ($68,641 and $4,857, respectively), Cardano is still more than 23% away from its record peak of $3.09 that was recorded on Sept. 2.

ADA showed impressive strength in early September on the cusp of its much-hyped smart contracts rollout, but its momentum started to wane shortly after the new functionality was launched.

In October, Cardano lagged behind the rest of the cryptocurrency, with the Bitcoin exchange-traded fund  (ETF) debut and the Shiba Inu frenzy dominating headlines.

It ended up falling below Solana (SOL), another "Ethereum killer," in early November.

However, the recent price recovery allowed Cardano to surpass both Solana and Tether by market cap, but the three cryptocurrencies currently remain neck-and-neck on CoinMarketCap.

ADAImage by coinmarketcap.com

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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