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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Cardano’s ADA Hits 3-Year High as Bets on Ethereum Rivals Boom

Yashu Gola
Yashu Gola
4 years ago
2 mins read

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Cardano’s native asset ADA was among the best performers on Wednesday as bulls pushed its price up by more than 18 percent.

The fourth-largest cryptocurrency hit $0.87, its highest levels in more than three years, as traders increased their bids for top Ethereum rival assets. They include Polkadot’s DOT (+5%), Avalanche’s AVAX (+60%), Chainlink’s LINK (+12%), and Near Protocol’s NEAR (+9%).

Cardano, ADA, ADABTC, ADAUSD, cryptocurrency
Cardano hits a 3-year high. Source: ADAUSD on TradingView.com
Cardano hits a 3-year high. Source: ADAUSD on TradingView.com

Traders flocked into smart-contract platforms amid a growing hype surrounding their operability in the decentralized finance sector. This year’s start experienced a bullish boom across the DeFi protocols, with the total value locked inside their Ethereum-based smart contracts crossing $39bn on February 10.

That strained the Ethereum blockchain as it hosts a majority of DeFi projects. As a result, its transaction confirmations got delayed, and network fees surged. It prompted speculators to see a potential client outflow into Ethereum’s top rivaling projects.

Hence, protocols like Cardano recorded enormous gains in their token valuations. ADA surged by more than 380 percent on a year-to-date timeframe owing to DeFi tailwinds.

What’s Next for Cardano?

Traders expect Cardano to repeat its rival Ethereum’s bull run that saw it claiming an 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.”

Cardano, ADABTC, ADAUSD, cryptocurrency
Cardano trade setup, as shared by Rekt Capital. Source: ADAUSD on TradingView.com
Cardano trade setup, as shared by Rekt Capital. Source: ADAUSD on TradingView.com

A part of ADA’s upside boom also comes from a declining Bitcoin Dominance. As the top cryptocurrency corrects lower or sideways after establishing its record high, it expects to transfer a portion of its capital to rivaling assets like Ethereum, Cardano, and others. Traders call it “altcoin reason.”

Cardano, ADABTC, ADAUSD, cryptocurrency
Cardano is attempting a breakout against Bitcoin. Source: ADABTC on TradingView.com
Cardano is attempting a breakout against Bitcoin. Source: ADABTC on TradingView.com

For instance, the chart above shows ADA/BTC attempting a breakout move above a long-term resistance level from mid-2019, eyeing extended upside rallies towards 2,352 sats. Such a move expect to send ADA/USD to its all-time high.

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Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

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Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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