Ethereum And Cardano Continue To Skyrocket: Would It Be “To The Moon”?
The current summer season has become especially hot for altcoins, which have shown that they are ready to compete with Bitcoin on key market indicators. What is the secret to Ethereum and Cardano’s success, and how long are the bulls ready to lead them forward?
Ethereum has updated its all-time height
Over the past two months, the crypto market has shown a predominance of optimistic sentiment towards altcoins. The bullish acceleration of the price was the reason for the announcement of forecasts about the coming altcoin season from the side of respected traders. If you look at the indicators of trading activity, the level of volatility of crypto assets, the volume of market capitalization, some of the altcoins performed much better than Bitcoin.
In particular, Ethereum has been following an uptrend for several weeks now. Under pressure from the bulls, the crypto asset has renewed its all-time high: today Ethereum is trading just above $300. Some cryptanalysts view the current rally in price as the starting point for the Ethereum rally. They believe that after breaking the main resistance level in the $300 to $350 price region, Ethereum could test a new $400 level.
Analysts agree that the powerful price movement triggered by both macroeconomic factors and the rise of Ethereum’s technical strength. In particular, Visa had a beneficial effect, which announced the continuation of the issuance of cryptocurrency cards with the possibility of converting Ethereum to fiat.
Also, the active popularization of DeFi became a trigger for Ethereum’s growth. Most of the projects were created on the Ethereum blockchain, which is an excellent bonus for attracting the attention of new crypto users to this asset. Philippe Behaz noted:
“The Ethereum network has been a launching pad for some new stablecoins that are now showing gains in value. This is a great trigger for Ethereum to take off. “
Adam Traidman, CEO of Bread, also praises the value of Ethereum in the crypto market:
“Ethereum is the player who can radically change the rules of the game in the crypto market. The Ethereum network is not inferior to the Bitcoin network in technical parameters, so I expect an increase in demand for Ethereum. “
Cardano has reached a new price point
The Cardano Rally was just as unpredictable for traders as the long stagnation in Bitcoin price. As a result of the trading session last week, the price of Cardano increased by 20% and today we are trading slightly above $0.1510. Analysts attribute this price jump to the active spread of news about the upcoming launch of an updated version of the Cardano protocol. The developers expect that this solution will provide ample opportunities for users and eliminate the problem of the technical vulnerability of the coin.