According to market capitalization, Cardano (ADA), the eighth-largest cryptocurrency, might be headed for its strongest weekly close since 2021.
Cardano is up 59.14% so far this week, according TradingView data. The last time Cardano had weekly gains this size were in August 2021, when it peaked at $3.09.
Since the middle of October, Cardano has been soaring, and it is headed for its eighth week of gains. Cardano has excelled so far this week, setting a record for six straight days of gains since Sunday.
Cardano had a strong price boost on Friday, which accelerated the surge. Cardano’s price continued to rise sharply in today’s trade, peaking at $0.6448 before dipping a little. As of this writing, ADA has increased by 21% over the previous day to $0.63.
Cardano social dominance soars
Over the weekend, trade in alternative cryptocurrencies increased, led by Cardano (ADA), as stable Bitcoin prices encouraged capital rotation to altcoins.
Following significant Bitcoin run-ups, these capital rotations are typical in the cryptocurrency markets, with a surge in bigger crypto assets followed by a jump in meme coins and microcaps.
However, Cardano and other market winners are witnessing one of their greatest days of social domination of 2023, according to on-chain analytics firm Santiment. The ADA social conversation rate has risen to a six-month high in tandem with the latest price hike.
Crypto expert Ali noticed over the week that the price movement of ADA resembled its trend from 2018 to 2020, when it stabilised before rising. Because of this, the price of ADA experienced a sharp increase that started in late December 2020 and continued until August 2021, when it reached an all-time high of $3.09.
Ali believes that Cardano might rise to $0.75 by the end of December, given that it has broken through the $0.45 barrier.
