Cardano (ADA), one of the leading cryptocurrencies, has experienced a phenomenal surge, gaining over $1 billion in market capitalization yesterday. This unexpected rally has propelled Cardano into the top ten cryptocurrencies globally by market cap.
Cardano’s market cap now stands at $15.5 billion, and it places ADA as the eighth-largest digital asset by market cap. This surge is accompanied by a 25% jump in trading volume. Over the last seven days, ADA has demonstrated a 17.3% increase and a 25.7% gain over the last 30 days. According to CoinMarketCap data, ADA is up by 2.87% in the last 24 hours and is trading at $0.4389.
Also read: Bitcoin From “Satoshi Era” on the Move: Here’s Where It’s Headed
Can Cardano hit $0.75?
Crypto trader Ali, in a recent tweet, expressed optimism about Cardano’s trajectory. According to Ali, ADA’s price movement is reminiscent of its pattern between 2018 and 2020, excluding the downturn associated with the COVID-19 pandemic. The tweet suggests that if this pattern persists, ADA could soon surpass the $0.45 resistance level.
Looking ahead, Ali speculates on a potential rally that could see ADA reach $0.75 by late December. While cryptocurrency markets are inherently volatile and subject to various factors, the current trend and market dynamics have positioned Cardano favorably for further gains.
Also read: Bitcoin Regains $44,000 Once Again, Will BTC Hit $50,000 Soon?
ADA’s journey to $0.75 still seems like a far-reaching catch. Nevertheless, with the right market conditions and other factors, Cardano could reach that price in December.