Cardano (ADA) approaching $ 2 still has its way against Bitcoin

ADA, the cryptocurrency of the smart contract platform Cardano, has joined the altcoins rush that reached an all-time high this week.

Daily candlestick chart for ADA / USD pair (Binance). Source: Tradingview

Cardano points to “altcoin season 2.0” process

According to Cointelegraph Markets and Tradingview data, the ADA / USD pair rose above $ 1.7 for the first time on May 7.

Cardano, like many altcoins, has risen impressively in the past few days and tested highs as the selling pressure below $ 1.30 disappeared.

Now analysts are staring at the $ 5 short-term target as the Bitcoin (BTC) price continues to fluctuate.

“The only thing I don’t like about ADA right now is that there is no high volume now,” popular trader Scott Melker said in a market assessment earlier in the week.

He added that the ADA / USD pair still “looks good”, but the pair is currently more suitable for investors rather than short term traders.

The ADA price versus BTC is well below its all-time high. Despite its US dollar performance, Cardano, like many altcoins, is not very strong against BTC. The ADA / BTC pair reached 0.000071 BTC in January 2018. It currently stands at 0.00003 BTC.

Weekly candlestick chart for ADA / BTC pair (Binance). Source: Tradingview

What is happening in the bull market?

Prices of Dogecoin (DOGE), then Ethereum Classic (ETC) rose rapidly. While the DOGE / USD pair slowed on Friday, ETC is still strong.

Cryptocurrency market dominance chart. Source: CoinMarketCap

Leading names in the cryptocurrency market have started appearing in mainstream media outlets to draw consumers’ attention to the fundamental differences between bitcoin and altcoins.

“Dogecoin is no different from GameStop. While GameStop is a real company, DOGE has become the popular name of the individual trader,” Ryan Selkis, founder of analytics platform Messari, told CNBC on Thursday. said.

Bitcoin’s dominance in the cryptocurrency market continues to decline in the meantime. It went below 45 percent, the lowest level in the last year.

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