- Cardano continues to claim its position as the top performer.
- While the market worked to recover from its fall, ADA wasted no time in marking double-digit gains.
- As Cardano leads December with substantial gains, tapping $1 might not be too far-fetched for the token.
The crypto market has been on a roll this quarter, experiencing an eight-week boom that brought new highs for Bitcoin, Ethereum, Solana, and Cardano in early December. The newfound optimism led to a surge in market sentiment and convinced some that the bull run was finally here.
However, amidst the celebratory parade, the mood quickly shifted with an 8% downturn affecting Bitcoin, Ethereum, and even Cardano. As the market regained its footing, ADA wasted no time, surging past its peers and effortlessly securing double-digit gains, raising a compelling question: Will ADA tap $1 before year-end?
Cardano’s Time to Shine
Cardano continues to outpace its top rivals, showing no signs of slowing down as the market grapples with mounting sell pressure. While Bitcoin, Ethereum, XRP, and Solana worked to recover from their fall, ADA managed to rise above $0.6 and once again shoot for the yearly high at $0.68, marking an impressive 25% gain in a single day.
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According to CoinMarketCap, Cardano’s stellar performance allowed it to reclaim its position as the best performer among the top 10 tokens. This surge extended ADA’s seven-day growth to over 50%, eclipsing some of the market’s leading assets.
Cardano’s recent ascent aligns with the positive macroeconomic tailwinds influenced by the FOMC meeting on Tuesday. Similarly to the last two meetings, the Federal Reserve maintained interest rates and hinted at executing three rate cuts in 2024, creating excitement in the altcoin market.
While assets across the board experienced a collective rally, none were as notable as Cardano. In addition to the FOMC-led rally, the once-dormant Whales also looked to splurge, flooding the network with transactions exceeding $1.5 billion in a single day, further adding to its momentum.
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As Cardano leads the race with over 70% gains in December, all indicators point to ADA tapping liquidity above $0.8 and even $1, should the market maintain its bullish structure. With only two weeks remaining until the new year, ADA must climb another 47% from the current market price of $0.64. Given its proven resilience and performance, achieving this milestone might not be too far-fetched for the proof-of-stake token.
On the Flipside
- The last time Cardano was at this price level was in May 2022, 18 months ago.
- Cardano’s recent rally propelled it to ninth place in the DeFi TVL rankings.
Why This Matters
Cardano has long vied to outpace its rivals. However, given the regulatory turbulence and persistent downtrend earlier this year, ADA struggled to find its footing. Nevertheless, despite these challenges, Cardano has made a resounding comeback and is giving tough competition to its competitors.
Read how Solana is closing the gap on its competitors:
Solana Closes Gap on Ethereum with Over $16M in NFT Sales.
Read more about Charles Hoskinson’s memecoin plug:
Cardano Founder Accidental Memecoin Plug Spells Disaster
