Cardano

Bitcoin

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<a href="https://u.today/cardano-ada-sees-massive-wave-of-interest-from-whales-where-it-might-lead" rel="noopener noreferrer nofollow">Cardano (ADA)</a>, the eighth-largest cryptocurrency by market capitalization, might be poised for its best weekly close since 2021.
According to TradingView data, Cardano is already up 59.14% in the week. Cardano last saw weekly gains of this magnitude in August 2021, when it reached an all-time high of $3.09. <img alt="TradingView" data-entity-type="file" data-entity-uuid="f2ba193c-72a1-4cfd-aab2-671af5c7a9fb" src="https://u.today/sites/default/files/inline-images/09122023%201111.png"><a href="https://www.tradingview.com/x/2RiUyqrL/" rel="noopener noreferrer nofollow">ADA/USD daily chart, courtesy: TradingView</a>
Cardano has been on a tear since mid-October, and it is on course for its eighth week of gains. So far this week, Cardano has outperformed, set for six consecutive days of gains since Sunday.
The rally accelerated as Cardano saw a sharp price increase on Friday. In today's trading, Cardano extended its strong price surge, reaching highs of $0.6448 before slightly retreating. At the time of writing, ADA was still up 21% in the last 24 hours to $0.63.
<h2 id="cardano-social-dominance-soars">Cardano social dominance soars</h2>
Alternative cryptocurrencies, led by Cardano (ADA), surged in weekend trading as steady Bitcoin prices drove capital rotation to altcoins.
These capital rotations are common in the crypto markets following major Bitcoin run-ups, with a rally in larger crypto assets followed by a spike in meme coins and lastly, microcaps.
<blockquote>
 📈 The notable <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#crypto</a> market leaders over the past 24 hours are <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Cardano</a> (+19%), <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Solana</a> (+11%), and <a href="https://twitter.com/hashtag/Optimism?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Optimism</a> (+11%). Each is seeing one of their highest social dominance days of 2023. With this implied <a href="https://twitter.com/hashtag/FOMO?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#FOMO</a> kicking in, proceeding with caution is wise. <a href="https://t.co/QvxDrofqJt" rel="noopener noreferrer nofollow">https://t.co/QvxDrofqJt</a> <a href="https://t.co/aUqIDoCLho" rel="noopener noreferrer nofollow">pic.twitter.com/aUqIDoCLho</a>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1733192674264645890?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 8, 2023</a>
</blockquote>
That said, on-chain analytics startup <a href="https://twitter.com/santimentfeed/status/1733192674264645890" rel="noopener noreferrer nofollow">Santiment</a> noted that Cardano and other market gainers are seeing one of their highest social dominance days of 2023. The recent price increase accompanies a jump in the ADA social discussion rate to a six-month high.
During the week, Ali, a crypto analyst, observed that the ADA price movement mirrored its 2018–2020 pattern, in which it consolidated before ascending. As a result, ADA had a dramatic price spike beginning in late December 2020, skyrocketing by about 2,350% to all-time highs of $3.09 in August 2021.
Given that Cardano has broken past the $0.45 mark, Ali predicts a potential rally to $0.75 by late December.

Cardano (ADA) Sets for Best Weekly Close Since 2021 Bull Run

Table of Contents

U_Today

Other articles published on Dec 9, 2023

Meta Unveils “Purple Llama” Toolkit to Secure Generative AI Models

Best Cryptocurrency with Bullish Pattern to Buy in December 2023

Solana's Bonk (BONK) Skyrockets by 213% in Just Days, Here Are Exciting Reasons

EU Breaks New Ground in AI Rules, Will It Impact OpenAI’s ChatGPT?

Meme Moguls (MGLS) Among the Best Picks for the Bull Market, Alongside Bitcoin (BTC) and Litecoin...

Crypto provisions axed from 2023 US Defense bill

Join our free newsletter for daily crypto updates!