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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 88% 21 $19 047.29 -1.36% 1.27% $365 085 886 511 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 60.8% 83 $1 276.78 -2.65% -1.42% $156 565 689 206 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.2% 1 $1.000025 0% 0% $67 951 138 027 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 96% 1 $0.999985 0% -0.01% $47 324 974 018 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 90.8% 14 $284.46 0.60% 3.76% $45 894 683 126 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 57.2% 86 $0.448923 -5.47% -9.05% $22 401 538 331 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 92.8% 1 $0.999246 -0.09% -0.05% $21 026 370 098 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 75.2% 41 $0.419738 -2.46% -5.96% $14 377 335 771 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 80.4% 27 $32.06 -1.25% -0.86% $11 395 906 451 SOL 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 90.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 90.4% 14 $0.059302 -2.24% -3.04% $7 867 677 608 DOGE 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 63.2% 71 $6.17 -1.66% -0.56% $6 957 593 497 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 92.4% 1 $0.999430 0% -0.06% $6 828 717 025 DAI 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 70.8% 64 $0.764644 -0.14% 3.24% $6 678 642 524 MATIC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 92% 5 $0.060976 1.03% 2.03% $6 199 755 303 WTRX 7 days price change

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