Cardano Hits 2-Month High, Will The $1 Price Be Conquered Again?

Cardano is gaining momentum recently as it moves further in the ‘Top 10’ list of the largest cryptocurrencies. This asset is currently the 6th largest digital asset in the crypto market.

Cardano lost its position as the 7th largest digital asset when the valuation of BUSD surged beyond its market cap a few days ago. However, ADA regained 7th place after the price rallied as the market rallied. The asset doesn’t stop there, surpassing XRP to become the 6th largest cryptocurrency. The asset’s price surged past the $0.55 resistance area.

ADA daily chart. Source: CoinCu

On Saturday, the market capitalization of Cardano (ADA) reached $19.1 billion. This is the highest level of the asset’s worth in two months. The most recent occurred on June 11, when its valuation decreased due to a market failure. So far, the asset’s market capitalization has not surpassed $19 billion.

This achievement has propelled ADA past into the top cryptocurrencies by market capitalization list, with a value of $18.68 billion. ADA’s market value has already slipped below $19 billion, yet the asset remains in sixth place.

ADA now has a worth of $19.5 billion, which puts it ahead of XRP. Both assets have encountered expected opposition to their respective surges. The latest bull market rise has restored normalcy to the crypto market, with BTC and ETH reaching fresh highs.

ADA is currently 6th on the list of largest cryptocurrencies by market capitalization. Source: CoinCu

Cardano saw multiple rejections as it attempted to break the $0.5 resistance from mid-June to early July. Several relief rallies propelled the asset’s value up, but each attempt met opposition at the $0.5 level. It was not until late July that ADA began trading comfortably above the half-a-dollar price.

Currently, with BTC’s upward momentum and Ethereum’s The Merge’s upward momentum, the $1 price zone will likely be broken out in the near future. Despite a lot of stubborn information from the community regarding Cardano’s valuation, if the next Vasil hard fork is successful, ADA will most likely return to the racetrack in the strongest way.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.