Cardano (ADA) tokens have been on a roll. On Thursday, the world’s third-largest cryptocurrency by market cap peaked as it crossed the $3 mark for the first time. Trading at $3.06, Cardano touched an all-time high.
Over the past two months, Cardano has gained over 200%. After dropping down to nearly $1 in July, earlier this year, it has bounced back very strongly. It has been surging consistently and now has set a new record. Over the past week, it gained over 17% in value.
On the other hand, the world’s second-biggest cryptocurrency by market capitalization, Ethereum, jumped by over 20%. Ethereum prices are rallying around the $3,800 mark and it’s just about $600 shy from creating a new record. Earlier this year it had crossed the $44,00 mark.
Experts are also linking the unprecedented increase in Cardano prices to the advent of altcoin season which is a typical market phenomenon in the crypto industry. It is expected that the bull run will only grow stronger and trends suggest that the prices of leading altcoins will surge.
The crypto markets this year have been highly dynamic. During the first quarter, the prices surged dramatically only to crash a few months later. However, the third quarter has witnessed a sustained upsurge in the prices of all major coins including Bitcoins.
The current increase in prices of Cardano tokens is best explained by the market trend but there is no denying the fact that as Cardano is witnessing more Dapps and blockchain solutions deployed on its network, it is becoming more appealing to investors. Since its inception, Cardano has positioned itself as an Ethereum competitor.