Sunday, April 11, 2021

Cardano (ADA) Over 100% Upturn Displaces Bitcoin Cash (BCH) Based On Market Cap

According to CoinMarketCap, the price of Cardano (ADA) has increased by over 100% in the last seven days, aiding the cryptocurrency to displace Bitcoin Cash (BCH) in terms of market capitalization.

ADA is now conveniently maintaining the sixth-largest position in the crypto market. The current ADA’s price rally has been attributed to two major factors.

Read Also: Cardano (ADA) Moves Closer to Displacing XRP. Beginning of the End of Ripple’s digital Token?

The first factor is that major digital currencies have been replicating the current strong upsurge of Bitcoin (BTC)’s price. While the second factor is related to upcoming developments in the Cardano ecosystem.

Cardano (ADA) 100% Upturn Displaces Bitcoin Cash (BCH) Based On Market Cap
ADA/USDT daily price chart (Binance) Courtesy of TradingView.com

At the time of filing this report, ADA is trading at $0.3414, with about a 26% price upsurge in the last 24 hours.

Cardano (ADA)’s Current Price Move Is Majorly Technical

It’s true that Cardano has important upgrades that are capable of impacting its price, but none of these important upgrades were announced during this rally.

However, a technical analyst and trader had shared his opinion about the strong rally printed by ADA before it fully started.

On 30th December 2020, Michael van de Poppe, a crypto analyst and trader, popularly known as Crypto Michael in the industry, said he believes Cardano (ADA) would perform well in the first quarter of 2021.

“One of the platforms that will do well in coming quarter, I think will be Cardano. Majors are probably running first and this is definitely a major. As long as $0.11 holds (or $0.15), I think we’ll continue towards $0.27 and/or $0.40.”

Read Also: Cardano Founder Charles Hoskinson Says XRP Is Not a Security but Questions Its Mode of Distribution

A combination of technical factors and the expectations of the release of functional smart contracts in 2021 likely fueled the rally.

In the near term, analysts say that as long as Bitcoin (BTC) consolidates above $34,000 and shows technical momentum, large-cap altcoins, like Cardano (ADA), are expected to perform outstandingly.


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Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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