ADA price hits $3 for the first time as Cardano, Ethereum lead crypto ‘super bull cycle’
Cardano’s ADA token surged to new all-time highs on Sep. 2 as an altcoin comeback gripped cryptocurrency markets.
Cardano joins Ethereum in serious gains
Data from Hedgewane Markets Pro and TradingView showed ADA/USD clipping $3.06 during trading Thursday.
Having shown strength for multiple weeks, Cardano benefited from a broader altcoin resurgence after attempting to hit the $3 mark throughout the second half of August.
The move coincided with the launch of the Cardano Alonzo testnet, ahead of a mainnet debut later this month.
At the time of writing, ADA/USD remained above $3 while taking a break at $3.066 on Binance.
Weekly gains totaled 17.2%, while Ether (ETH) nonetheless outshined within the top-ten cryptocurrencies by market cap with 20.5% weekly returns.
ETH/USD traded at almost $3,800 Thursday, around $600 short of its historic all-time highs seen in mid-May.
Stars align for a crypto bull run
ETH had begun the upwards moves for altcoins, which originally came about as Bitcoin (BTC) cooled around $47,000. As BTC/USD then began to follow suit, a snowball effect appeared to enter the market, with all but three of the top-50 crypto tokens in the green on the day.
Related: Price analysis 9/1: BTC, ETH, ADA, BNB, XRP, DOGE, SOL, DOT, UNI, LUNA
“We’re entering the second phase of this super bull cycle and I like it. Enjoy it,” Hedgewane contributing analyst Michaël van de Poppe summarized.
As Hedgewane reported, the foundations appear to be in place for renewed strength in Bitcoin and altcoins, the former’s on-chain metrics and fundamentals firmly bullish.