Bitcoin could make or break it

On November 22, 2024By Littum

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Cardano (ADA), the ninth-largest cryptocurrency, is targeting the $1 mark, hitting highs of $0.919 in today’s trading session.

As Bitcoin (BTC) nears $100,000 for the first time and hits $99,000 during Friday’s trading session, capital is rotating to alternative cryptocurrencies (altcoins), raising expectations for the broader crypto market.

According to on-chain research firm Santiment, Cardano and other altcoins are rapidly growing their market capitalizations, driven by a redistribution of profits from Bitcoin’s recent rise.

Cardano (ADA) Soars 393% In Net Flows As Whales Commit To Fresh Movement

Cardano (ADA) outperforms with recent gains; the cryptocurrency has risen 15% in the last 24 hours and is currently trading at $0.91 according to CoinMarketCap data. This is the highest price since May 2022.

The ADA price rose 44% this week, bringing the month-to-date increase to 150%. The token’s market capitalization has risen to $30.8 billion, making it the world’s ninth-largest digital asset, according to CoinMarketCap data.

If today closes green, ADA will have won five days in a row. With $1 firmly in sight, the focus is on where the ADA price can go.

While eyes have been on Bitcoin making history, altcoins like XRP, Cardano, Stellar, Hedera, Mantra and Algorand are growing their respective market caps rapidly. As long as BTC maintains ~$95K+ support, expect the November gains to continue to redistribute to altcoins. pic.twitter.com/AXNyVd46Ro

— Santiment (@santimentfeed) 21 November 2024

According to SentimentCardano’s potential growth is closely tied to a crucial Bitcoin support level. Santiment noted that as long as BTC maintains a support level around $95,000, November could see continued gains for ADA as profits continue to redistribute to altcoins.

Cardano is approaching $1

Bitcoin’s rise has revived interest in the cryptocurrency market and boosted altcoins such as ADA. Cardano started rising from a low of $0.326 on November 5th. The rise cleared the 50 and 200 daily moving averages, as well as the $0.8 level, reinforcing the bullish trend.

Cardano (ADA) Price on the Brink of Breakout? What On-Chain Metrics Proposes

Given the ADA’s recent rise, bulls are aiming for $1 next. This level may pose a significant challenge, but once approved, the ADA could rise to $1.25 and even $2.

This bullish outlook will be discredited in the short term if the ADA price falls below $0.8 and further to $0.7. This could entice short-term buyers to take profits, pulling the ADA price down to $0.58.