Cardano Surges: Is $1 Imminent?

The digital asset Cardano (ADA) witnessed an impressive climb of approximately 10.7% in the last 24 hours, momentarily exceeding the $1 mark. This milestone represents its highest price point in the last five months. This surge happens as Bitcoin recently achieved a new all-time high on Wednesday. Ethereum is also on the verge of surpassing its own record, currently only about 3.6% shy of its all-time high as of this writing.

Despite the recent gains by Bitcoin and Ethereum, the broader cryptocurrency market is showing relatively stable trading patterns today. Among the top 100 cryptocurrencies by market capitalization, Cardano’s ADA token stands out as the most significant gainer in the past 24 hours. According to CoinGecko data, ADA is also the fifth-best performing cryptocurrency over the last week.

Recently, the Glacier Drop, a two-month airdrop event, commenced the distribution of NIGHT tokens across eight different blockchain networks, including Cardano. However, due to a software incompatibility with the wallet, Ledger hardware wallet users who held Cardano were initially unable to claim their airdrop. Thankfully, the Midnight Foundation quickly provided a solution for Cardano Ledger owners.

With this issue resolved, Cardano has achieved significant growth, climbing 26.8% in the past week. It has also re-entered the top 10 cryptocurrencies in terms of market capitalization, surpassing TRON, founded by Justin Sun.

Out of the eight blockchains involved in the Glacier Drop, Cardano has shown the greatest gains this past week. Ethereum is the second highest, rising by 23.5% as it approaches its all-time high.

Predictions from Myriad suggest a high probability that Ethereum will achieve a new all-time high before the end of the year. Additionally, the prediction market indicates an 86% or higher chance that the cryptocurrency will reach a price of $5,000 before the year concludes.

(Disclosure: Myriad operates as a prediction market created by DASTAN, which is the parent company of Decrypt.)

“With approximately 97% of ETH holders currently experiencing positive returns, the potential for profit-taking is present,” stated Kevin Rusher, founder of the RAAC lending platform, in a message to Decrypt. “Will ETH reach $6,000? Certainly. Those who missed the opportunity to invest when it was at $300 will feel the same regret as someone who spent Bitcoin at Papa John’s.”

During the week, Bitcoin increased by 3.9% and reached a high of $124,128 on Wednesday. Solana saw a 17.1% rise, and BNB increased by 10.8%. Apart from the Glacier Drop related assets, OKB, the token for the cryptocurrency exchange OKX, has jumped more than 128% this week, following an announcement from OKX to reduce its supply.

Data from CoinGlass reveals that over the past day, approximately $245 million worth of short positions and $235 million in long positions were liquidated in the crypto market, reaching a total of $481 million.