Cardano (ADA) breaks the trend
When individuals first get into cryptocurrency investment, they are generally taught a rule of thumb. Long gone are the days where Bitcoin used to be the only choice for investors and now it’s a much smarter game where everyone is looking for the next breakout star in Altcoins. The rule of thumb mentioned before was that all prices depend on Bitcoins price. If it goes up, Altcoins go up, if it goes down, then Altcoins also go down. And if it goes up and another Crypto Currency is somehow going down, then that is life. But the crux of it was that Bitcoin defines the trend and without it, no other Altcoin would ever break through. That is to say until now.
Cardano started off the last week similar to that of other cryptos by dropping a little but came back super strong with a 4% growth while other tokens continued to move downward. The biggest news would be that Bitcoin was on the dropping side as well while this was happening making ADA go against what we all believed in. At the time of writing, Cardano has made a 3.5% 24-hour change from $0.080 to $0.084. Noting that it was in the $0.07s last week, this can be classified as impressive stuff from the Altcoin. Experts claim that the crypto was following the trend of other tokens last week and dropping before buyers swooped in and rescued it from even more decline. Afterwards, its climb higher has been halted by resistance at $0.084. Experts are saying that a break above this level would definitely propel it towards the $0.09 mark which is what all investors would be keenly hoping for. As for the trend with Bitcoin, both graphs seemed to take a similar sort of shape in the previous months but lately, Cardano has stepped away a bit showing independence while Bitcoin continues to move in a horizontal fashion which is being dubbed the Kangaroo market by the Crypto Community.
Currently ranked as the number 11th cryptocurrency in the world by MarketCap, we can say for sure that it is one of the big names. The real question is whether it can actually continue this run of good form and reach new heights but only time will tell. What do you think about this article? Is it a good thing that ADA is growing? Will Cardano challenge other major Cryptos? Is Bitcoin dead? Share your opinions with us by commenting below or contact us on social media to get featured on our platform.
