Cardano price has soared in the past three consecutive weeks, pushing it to its highest level since March this year. ADA token was trading at $0.7940 on Tuesday morning, up by 170% from its lowest level this year.
Cardano is soaring for a few reasons. First, the surge is in line with the ongoing crypto comeback as evidenced by Bitcoin’s rally to over $92,000. Analysts believe that Bitcoin has more upside, potentially to $100,000 and above. Historically, altcoins like Cardano do well when BTC is soaring.
Second, Cardano price is also soaring because of the ongoing Solana surge, which has pushed it to over $250. This performance means that Solana has become an expensive asset among most retail traders.
As a result, many traders are looking for cryptocurrencies that trade at less than $1 to take part in the ongoing bull run. This also explains why popular tokens like Dogecoin and Ripple have gone parabolic in the past few months.
Third, Cardano’s fundamentals are improving.