As we reported, ADA was bound to start putting up some significant numbers, with key developments taking place. At the time of press, the coin is already proving itself different by posting significant gains in what is largely a bearish market. At the time of press, ADA is up by close to 3% and trading for $0.045523.
This is significant as it sees the coin extend its gains following yesterday’s rally that saw prices spike for the coin and hit as high as $0.046. Although the rally was met by a price correction seeing the coin fall back to $0.044 by the early hours of today. The upward trend being set now could see the coin retest the $0.046 position again, quite possibly establishing a higher resistance level and support position.
For the wider market, most coins are recording drops of 0.30% to 4%, seeing the total market cap come at a risk of dropping below $134 billion. Led by Bitcoin, yesterday saw many of the major coins spike in prices. For Bitcoin, despite rallying as high as $3,981, the coin was unable to break through and hit $4,000.
After encountering resistance around $3,980, the coin slipped back and is currently trading around the $3,940 position. Despite this drop, which is largely a correction of yesterday’s short-lived gains, there remains a positive outlook over the coming days for the market.
ADA Overtakes Bitcoin SV In Market Cap
Due to the bullish move from ADA since the start of the weekend, the coin has now successfully climbed up to take the eleventh position in the crypto market. ADA which was following closely behind Bitcoin SV has now overtaken it. However, it has done so by a small margin of less than $7 million at the time of press.
This recent move has been aided by the fact that Bitcoin SV has turned bearish and is currently bleeding. If ADA continues to rally as it is, it could extend this lead and ensure a more permanent stay. In its ambition to get back in the top ten, this will need a little more doing since it remains close to $400 million short of the ranked tenth, Tron. Such a move would have to be aided by a strong move by the bulls most likely inspired by the anticipated Shelley phase launch.