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Cardano (ADA) has officially bounced back into the top 10 cryptocurrencies by market capitalization, according to CoinMarketCap data. Cardano has been a mainstay in the top 10 rankings for a while, but it slipped earlier this year, giving way to Toncoin (TON) and then TRON (TRX). However, a recent major jump in the price of ADA has brought it back into the spotlight.
In the past few days, Cardano’s price has risen by 33.88%, reaching $0.4436 – its highest since late July. This upward movement in price has had a big impact on Cardano’s market capitalization, which has grown by over $3.76 billion in just under four days. The impressive growth shows that people are getting interested in ADA again, and that they think the token might be a good investment.
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Given the recent gains, investors are wondering where ADA’s price might go next. Cardano is now up against a resistance level at $0.47, where its 50-day moving average is. The main question is whether this level will be a ceiling or a stepping stone for ADA’s continued ascent.
Altcoin season?
This recovery for Cardano is happening at the same time as a broader bullish trend on the cryptocurrency market, driven by Bitcoin’s ongoing rally. As Bitcoin hits back-to-back new highs, it is creating a great environment for other assets like Cardano to see significant price gains.
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ADA’s comeback puts it in the top 10, making it a major player in the crypto space, especially as the market awaits further developments. For now, Cardano’s return to the top 10 shows its own recovery and also reflects the broader momentum in the crypto space, as altcoins seem to finally have their moment of glory.
