There is an agency sense of “altseason” across crypto markets Thursday, with one analyst calling the following section a “super bull cycle.”
Cardano’s ADA token surged to new all-time highs on Sep. 2 as an altcoin comeback gripped cryptocurrency markets.
Cardano joins Ethereum in serious gains
Data from Markets Professional and TradingView confirmed ADA/USD clipping $3.06 throughout trading Thursday.
Having shown strength for multiple weeks, Cardano benefited from a broader altcoin resurgence after attempting to hit the $3 mark throughout the second half of August.
The move coincided with the launch of the Cardano Alonzo testnet, ahead of a mainnet debut later this month.
At the time of writing, ADA/USD remained above $3 while taking a break at $3.066 on Binance.
Weekly gains totaled 17.2%, whereas Ether (ETH) nonetheless outshined within the top ten cryptocurrencies by market cap with 20.5% weekly returns.
ETH/USD traded at almost $3,800 Thursday, around $600 in need of its historic all-time highs seen in mid-May.
Stars align for a crypto bull run
ETH had begun the upwards strikes for altcoins, which initially took place as Bitcoin (BTC) cooled around $47,000. As BTC/USD then began to follow suit, a snowball impact appeared to enter the market, with all but three of the top-50 crypto tokens in the green on the day.
As Cmnnews reported, the foundations seem like in place for renewed power in Bitcoin and altcoins, the previous’s on-chain metrics and fundamentals firmly bullish.