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Cardano breaks out vs. Bitcoin as ADA price discovery nears $2


14 May 2021

#Cardano

The current "alt season" has produced serious returns but remains subdued when viewed in BTC terms. ADA, the native token of the Cardano smart contract platform, has joined the altcoins hitting new all-time highs this week.

Cardano underscores "alt season 2.0" appetite

Data from Cointelegraph Markets Pro and TradingView shows ADA/USD hitting over $1.70 for the first time on May 7. In a move that an increasing number of large-cap altcoins are seeking to copy, ADA gained impressively during the past few days, going from below $1.30 to the highs as sell walls disappeared. Now, analysts are eyeing short-term targets of $5 as Bitcoin (BTC) continues to range, giving fuel to an already lively altcoin scene.

"The thing I don't like on ADA right now: There was a lot of volume, and now there's not," popular trader Scott Melker said in a note of caution during a market overview earlier in the week. He added that the ADA/USD chart nonetheless still "looked fine" but that the pair was currently better suited to investors rather than short-term traders.

Against BTC, ADA remains far below its all-time high — a trait common to many altcoins despite their U.S. dollar performance. ADA/BTC reached 0.000071 BTC in January 2018 and currently resides at 0.00003 BTC.

What's in a bull run?

As Cointelegraph reported, altcoin price action remains led by freak moves on tokens that have seen few or no events from a technical or adoption perspective. First Dogecoin (DOGE) and then Ethereum Classic (ETC) became standouts, the latter seeing all-time highs of its own on May 7 as DOGE/USD cooled from its recent run. Famous cryptocurrency names have even taken to mainstream platforms to draw consumers' attention to fundamental differences between Bitcoin and altcoins.

"In terms of Dogecoin, it's no different than GameStop, where GameStop is a real company but became a bit of a meme with a certain contingent of the retail trading audience," Ryan Selkis, founder of analytics platform Messari, told CNBC on Thursday.

Bitcoin's dominance of the overall cryptocurrency market capitalization meanwhile continues to decline, hitting one-year lows below 45%.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 60.4% 84 $22 794.78 -4.60% 0.16% $439 421 744 135 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 62.4% 84 $1 553.83 -5.95% -3.88% $190 147 661 417 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $1.000104 -0.01% 0% $67 783 099 946 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 65.6% 66 $304.99 -4.44% 0.23% $48 158 717 061 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92% 1 $0.999890 -0.03% -0.01% $42 871 511 347 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 65.6% 68 $0.394508 -5.29% -7.09% $20 042 407 520 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 94.8% 1 $1.000163 -0.07% 0.02% $15 378 516 452 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 62.8% 76 $0.372102 -6.15% -0.25% $12 872 392 418 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 64.4% 68 $0.086947 -3.87% -0.56% $11 535 298 125 DOGE 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 93.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 63.6% 77 $1.085935 -8.18% 10.16% $9 484 901 320 MATIC 7 days price change
12 Solana (SOL) SOL Solana predictions 54.8% 91 $23.55 -10.47% -2.36% $8 752 068 592 SOL 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 58.4% 85 $6.14 -8.11% -7.79% $7 076 486 593 DOT 7 days price change
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15 Avalanche (AVAX) AVAX Avalanche predictions 60% 81 $20.20 -3.78% 14.48% $6 357 771 856 AVAX 7 days price change

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