Cardano’s ADA reached a 3-year high and was among the best performers during the Wednesday bull run while its price increased more than 18 percent so let’s read more in today’s Cardano news.
The fourth-biggest cryptocurrency hit $0.87 which is the highest level in three years as the traders increased their bids for the top ETH rivals like Polkadot’s DOT, Avalanche’s AVAX, and Chainlink’s LINK. The traders flocked into the smart-contract platform in the growing hype about their operability in the DeFi space. This year’s start experienced a huge bullish blast among every DeFi protocol with the total value locked inside their ETH-based smart contracts, surpassing $39 billion.
That put a lot of strain on the ETH blockchain as it hosts a huge chunk of Defi projects. As a result, its transaction confirmations were delayed and the network fees skyrocketed. This prompted speculators to see more client outflow in the top rivaling ETH projects. So, Cardano’s ADA reached a 3-year high and surged by more than 380 percent on a year-to-date timeframe because of the DeFi tailwinds. Traders expect Cardano to repeat its rival Etheruem’s bull run which saw it claiming the all-time high this week:
“ADA continues its move up, with only two primary resistance levels remaining before fresh all-time highs. The first central area of resistance is the black area ahead. ADA is now inside the $0.72 – $0.94 range. And over time, ADA will keep rising towards the black.”
A part of the ADA upside boom comes from the dropping BTC dominance. As the top crypto corrected lower and sideways as well, established a new record high so now it is expected to portion out its capital to rivaling assets like Cardano and Ethereum. Traders called it the “altcoin reason.” So, the charts show ADA/BTC trying to breakout a move that is above the long-term resistance level from the mid-2019 level which eyes the upside of 2.352 sats. This move could send ADA/USD to an all-time high.
As recently reported, Cardano could outshine Ethereum 2.0 as per the IOHK CEO Charles Hoskinson who spoke in an interview with Ben Armstrong about having Cardano made simpler and more robust than Ethereum.
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