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Cardano Ends Streak of Anemic Price Action with 17% Spike

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Tue, 11/09/2021 - 15:02
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Alex Dovbnya
Cardano is finally having its moment after a long streak of anemic price action
Cardano Ends Streak of Anemic Price Action with 17% Spike
Cover image via stock.adobe.com

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After remaining in the doldrums for almost two months, Cardano (ADA) finally has its moment to shine, adding 17% over the past 24 hours, according to data provided by CoinMarketCap.

The native digital currency of the eponymous proof-of-stake (PoS) blockchain is currently vastly outperforming the rest of the ten biggest cryptocurrencies.

While Bitcoin (BTC) and Ether (ETH) hit new record highs earlier today ($68,641 and $4,857, respectively), Cardano is still more than 23% away from its record peak of $3.09 that was recorded on Sept. 2.

ADA showed impressive strength in early September on the cusp of its much-hyped smart contracts rollout, but its momentum started to wane shortly after the new functionality was launched.

In October, Cardano lagged behind the rest of the cryptocurrency, with the Bitcoin exchange-traded fund  (ETF) debut and the Shiba Inu frenzy dominating headlines.

It ended up falling below Solana (SOL), another "Ethereum killer," in early November.

However, the recent price recovery allowed Cardano to surpass both Solana and Tether by market cap, but the three cryptocurrencies currently remain neck-and-neck on CoinMarketCap.

ADA
Image by coinmarketcap.com
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.