Cointelegraph Team
Cointelegraph
The third-largest altcoin is following its own bullish path with new dollar all-time highs and a three-year high against Bitcoin.
Cardano (ADA), the fourth-largest cryptocurrency, hit new all-time highs on May 13 as bulls refused to follow the broad market downtrend.
ADA wows weary traders
Data from Cointelegraph Markets Pro and TradingView confirmed new record highs for ADA/USD on Thursday, with the pair touching $1.96.
The move is impressive and brings Cardano within inches of the psychologically significant $2 landmark.
The altcoin had followed many other large-cap cryptocurrencies higher in previous weeks, but Thursday showed a surprising resilience to volatility as most tokens fell in line with a reversal in Bitcoin (BTC).
With ADA/USD starting 2021 at just $0.16, excitement was clear among traders.
"Thanks for playing," Filbfilb, co-founder of trading suite Decentrader, summarized to Telegram subscribers on the day.
Filbfilb highlighted equally bullish behavior and prognosis for Cardano against Bitcoin. The USD high brought ADA/BTC back to a resistance level last tested in June 2018.
Buzzword "energy" sees Nano steal the show
Despite its progress, however, the day's hottest gains did not belong to Cardano, but Nano (NANO), which traded up by a maximum of 125% before consolidating near $14.
NANO/USD 1-hour candle chart (Binance). Source: Tradingview
The fallout of Tesla dropping Bitcoin for payments was still proving to be a boon for some altcoins at the time of writing — and which blockchain could boast energy-saving advantages was the topic of endless debate.
As Cointelegraph reported, the possibility remains that Tesla could adopt a different cryptocurrency, one which suited its mantra on eco-friendly business.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
IRS says crypto staking should be taxed in response to lawsuit
The IRS stated that rewards from cryptocurrency staking are taxable upon receipt, according to a Bloomberg report on Monday, which stated the agency rejected a legal argument that sought to delay taxation until such rewards are sold or exchanged.
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode
Solana is up 6% on Monday following a Glassnode report indicating that SOL has seen more capital increase than Bitcoin and Ethereum. Despite the large gains suggesting a relatively heated market, SOL could still stretch its growth before establishing a top for the cycle.
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses
Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery
The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.