Cardano (ADA) has rebounded after a drawn out slump, smashing $0.57 and spiking by almost 32% in the past 24 hours. ADA is currently ranked No. 10 by market capitalization, with its market cap edging towards $20.7 billion and jumping into the top 10 cryptocurrencies.
Cardano’s latest rally has been able to outpace pretty much everything in the top 10, making it one of the best doing in the crypto rally.
The altcoin’s rise is part of a bigger market rally that caused Bitcoin, the king of cryptocurrencies by market cap, to rise to an all-time high of $79,673. It’s a good time to be ADA, which is capitalizing on positive market momentum, though its gains appear to be being propped up by growing network fundamentals as well.
Sui and Cardano Lead Altcoins in Top 100 with Impressive Growth
Using cardano.tvl aggregator, we can see that over the past month, Cardano’s total value locked (TVL) on its platform has increased by 45% due to more staking and engagement of the users. Moreover, the growth in the asset’s utility and demand in total reaches impressive levels, as daily active users rose an impressive 74% more.
ADA is still trading over 80% under its 2021 peak price, despite this recent success. Still, in what has been a tough market, the resilience and upwards momentum has restored some of investor optimism for Cardano’s long term potential.
Sui (SUI) has also risen, and is currently one of the performing cryptocurrencies in the top 100, alongside ADA. Altcoin interest is seen revived, pushing Meme coins like Shiba Inu (SHIB) and Neiro up by 20% and 17%, resp. While Bitcoin Cash (BCH) climbed about 14% to add some further diversification on gains across the market.
Its dominance has now fallen to around 60 percent, signifying an expected ‘altcoin season’ as capital flow begins to move into various off the beaten track assets. Analysis of Cardano’s future, as well as the market trends approaching it, provides a good opportunity to invest in high potential altcoins, which are Cardano’s recovery, as well as market fundamentals.
