Cardano (ADA) is about to break a previous record. Cardano’s dominance, a crucial sign of its market power, has been steadily increasing as the overall crypto market starts to rise. The value is at its highest point in a month right now, 0.93 percent. Notably, if this pattern holds, ADA’s market share may soon reach the important threshold of 1%.
In the cryptocurrency world, dominance is defined as the share of a single cryptocurrency in the total market capitalization of all cryptocurrencies. A larger domination percentage indicates that significant amounts of capital are entering that coin, designating it as the market leader. As a result, the growing dominance of ADA may be a sign of increased investor enthusiasm for and trust in Cardano.
It’s interesting to see that ADA’s pricing performance reflects its growing dominance. Cardano’s value has increased significantly by 20%, and its trading volume is on the rise. This increase in volume indicates greater activity and interest, which frequently supports favourable price movement.
The 21 Exponential Moving Average (EMA), a crucial indicator used by traders to spot short-term market movements and possible levels of support or resistance, has also been broken through by ADA. As ADA advances towards the 50 EMA, another significant milestone, this successful breach signals bullish momentum.
A momentum indicator called the Relative Strength Index (RSI), which is used to measure the pace and change of price moves, is also at 50 right now for ADA. This neutral position suggests that the forces of buying and selling are equalising, possibly paving the way for a significant price change.
However, other cryptocurrencies may see negative pressure due to ADA’s growing dominance. Altcoins may suffer if investors turn to ADA, but ADA’s price may rise as a result.
