Cardano has recorded a colossal move in the last 24 hours. With an increase of more than 10%, the digital asset has once again climbed higher the market ranking. Cardano has overtaken EOS as the ninth-largest cryptocurrency by market cap. At the time of writing this, Cardano has a market cap of $2.4B with EOS sitting tenth with its cap at around $2.2B.
If Cardano keeps up the momentum, it is further likely to take the 8th spot which is held by Binance Coin. There is much less number difference between the two and for Cardano, more is still expected.
The latest Cardano rally has seen the asset break above $0.095. Previously, the asset was struggling to break out of the $0.075 and $0.085 range. By breaking out of range, this has been a bullish confirmation that puts the $0.1 target in sight. The gains come off the back of the successive launch of Shelley’s mainnet just two days ago.
Expectations from experts and investors cannot be understated. Weiss Crypto Ratings expect a new 2020 highs. For a long time, the firm has been vocal about its support for the third generation project. Notably, about its technological abilities. After years of waiting, the world is about to see the network in its full capacity.
For the rest of the market, this has been a positive sign that with development, digital assets can still pull spectacular moves. Since Ethereum stalled and followed in the steps of Bitcoin, trading within a range, it’s been doubted whether coins can break out and perform well in the current market state.
Cardano confirms there is still some kick left in altcoin bulls. Two coins that are likely to enjoy the same price movement are Tron and Ethereum which are also launching major project developments in the coming weeks.
All round, market sentiment remains bullish but price action is still dictated by Bitcoin. With BTC still making rebounds to stay above $9k, expectations for a run to $10.5K, confirmation of a bullish breakout, and a rally to $13K are still on target.