Cardano ADA/USD, the tenth-largest cryptocurrency by market cap, defied the broader market downturn to post impressive gains in the 24-hour timeframe.
What Happened: ADA spiked 4.23% in the last 24 hours to trade at $0.463 at the time of publication, according to data from Benzinga Pro. The rally made ADA the third-best-performing digital asset in the market over the last 24 hours.
The outperformance helped ADA, often dubbed an Ethereum ETH/USD killer, attract eyeballs. Socially-driven engagements such as likes, comments, and reposts for the coin surged, according to social analytics firm LunarCrush.
Prominent on-chain analytics firm IntoTheBlock flashed "Mostly Bullish" signal for ADA, in contrast to "Mostly Bearish" and "Mostly Neutral" signals for other blue-chip currencies.
Why It Matters: ADA has seen a notable increase since the week began, climbing to $0.47 on May 6. Th uptick followed by a hypothetical proposal by Cardano founder Charles Hoskinson, asking the community's views on partnering with Bitcoin Cash.
Nearly 69% of the respondents have voted in favor of the proposal as of this writing, with two days still left before the poll ends.
Moreover, the community was eagerly awaiting the Chang Hard Fork, a major technical upgrade aimed at boosting the network's scalability and transaction speeds. The hard fork was tentatively slated for the second quarter.
Based on historical movements, noted cryptocurrency analyst Ali Martinez had predicted a "parabolic bull run" for ADA. He said that last month's 50% price decline was a golden opportunity to stack up the asset.
Photo by Dennis Diatel on Shutterstock
Read Next: Dogecoin Down 6%: Time To ‘Play It Safe,’ Suggests Trader
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
