Cardano finally has its hour after a long streak of anemic price action
After remaining in the doldrums for almost two months, Cardano (ADA) finally has its moment to shine, adding 17% over the past 24 hours, according to data provided by CoinMarketCap.
The native digital currency of the eponymous Proof of Stake (PoS) blockchain currently far outperforms the rest of the top ten cryptocurrencies.
While Bitcoin (BTC) and Ether (ETH) hit new record highs earlier today ($68,641 and $4,857, respectively), Cardano is still more than 23% away from its record peak of $3.09 that was recorded on Sept. 2.
ADA showed impressive strength in early September on the cusp of its high-profile smart contract rollout, but its momentum started to falter shortly after the new feature’s launch.
In October, Cardano lagged behind the rest of the cryptocurrency, with the Bitcoin exchange-traded fund (ETF) debut and the Shiba Inu frenzy dominating headlines.
It ended up falling below Solana (SOL), another “Ethereum killer”, in beginning of November.
However, the recent price recovery allowed Cardano to surpass both Solana and Tether by market cap, but the three cryptocurrencies currently remain neck-and-neck on CoinMarketCap.
