Bitcoin
BTC$60 692.26

-2.44%

Ethereum
ETH$3 970.18

-2.08%

Binance Coin
BNB$478.76

1.51%

Cardano
ADA$2.15

0.74%

Tether
USDT$0.999864

-0.02%

Solana
SOL$196.43

3.21%

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 60.8% 76 $60 692.26 -2.44% -1.49% $1 144 131 483 274 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 72% 57 $3 970.18 -2.08% 2.70% $468 623 912 328 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 68.8% 60 $478.76 1.51% 1.09% $79 857 044 206 BNB 7 days price change
4 Cardano (ADA) ADA Cardano predictions 88% 12 $2.15 0.74% -2.73% $70 884 319 183 ADA 7 days price change
5 Tether (USDT) USDT Tether predictions 94.8% 1 $0.999864 -0.02% 0.07% $69 603 647 055 USDT 7 days price change
6 Solana (SOL) SOL Solana predictions 72.8% 55 $196.43 3.21% 20.81% $59 091 364 718 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 73.2% 51 $1.088374 -0.09% -4.57% $51 095 191 252 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 64.8% 79 $43.45 1.41% 0.68% $42 909 696 193 DOT 7 days price change
9 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $1.000334 0.02% 0.11% $32 392 590 607 USDC 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 70.4% 57 $0.244221 0.75% 4.47% $32 188 474 500 DOGE 7 days price change
11 Terra (LUNA) LUNA Terra predictions 67.6% 65 $43.62 6.62% 18.04% $17 515 686 438 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 74% 47 $25.64 -1.85% -0.82% $15 681 170 686 UNI 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 70.4% 64 $65.46 6.76% 16.24% $14 418 921 084 AVAX 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 66.4% 75 $60 729.88 -2.51% -1.47% $13 426 953 351 WBTC 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 72.8% 50 $28.66 1.29% 6.34% $13 213 419 734 LINK 7 days price change

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