Cardano Explodes 18% to New ATH as Crypto Market Cap Reclaims $2T (Market Watch)

Bitcoin reacted rather well to the drop to $44,000 and added $3,000 of value in hours. Some altcoins, though, have outperformed their leader again, including Cardano. ADA exploded by about 20% earlier and charted a new all-time high above $2.5.

ADA’s New ATH And Alts in Green

It’s safe to say that Cardano’s native cryptocurrency has been among the best performers lately. Back on July 20th, ADA dropped below $1 briefly during the market correction, but since then has been on a tear. In a few weeks, it doubled its value and reclaimed $2.

Aside from a few more fluctuations down the road, it kept climbing and earlier today painted a new all-time high record of about $2.54 (on Bitstamp). Despite retracing slightly since then, ADA has solidified its position as the third-largest cryptocurrency by market cap.

Ethereum, the second-largest, is up by 7% on the day and has reclaimed $3,200. Binance Coin, despite losing its positioning to ADA, has surged by 6% to above $420.

More impressive gains from the larger-cap alts come from Ripple (10%), Dogecoin (6%), Polkadot (10%), Uniswap (7%), and Bitcoin Cash (5%). LUNA is the only one in red on a 24-hour scale as it has cooled off following the recent rally.

Cryptocurrency Market Overview. Source: Quantify Crypto

Voyager Token has surged the most from the top 100 with a 40% increase. SwissBorg (25%), The Graph (19%), Helium (13%), FTX Token (12%), and Polygon (11%) are next.

The cryptocurrency market cap has increased by more than $100 billion since yesterday’s low and has reclaimed $2 trillion as of now.

Bitcoin Recovers $3K

The aforementioned retracement yesterday drove the primary cryptocurrency down to a multi-day low of around $44,000. This came after the asset failed to breach $48,000 earlier this week.

However, the bulls stepped up at that point and reversed BTC’s price trajectory. In the following hours, bitcoin started to increase in value gradually and even exceeded $47,000 briefly.

Although it has failed to remain above that price tag, it’s still nearly $3,000 up on the day. Its market capitalization has neared $900 billion once more, but its dominance has been reduced by the high-flying altcoins. The metric is down to 43.5%.

BTCUSD. Source: TradingView