In a day marked by fervent activity across the cryptocurrency market, Bitcoin (BTC) briefly touched the $35,000 milestone. Not to be outdone, Cardano (ADA) has surged, rekindling hopes that the eighth-largest digital asset by market capitalization could attain the coveted $1 mark once more.
Over the past 24 hours, Cardano has seen an impressive 10.2% surge, contributing to a remarkable 15.81% increase on its weekly chart. Zooming out to the last 30 days, the advance is even more striking at 17.5%. At present, Cardano is trading at $0.289, based on the latest data sourced by Finbold on October 24.
This surge coincides with swirling rumors of an impending approval of a spot Bitcoin exchange-traded fund (ETF). This development propelled the entire crypto sector, injecting over $100 billion into its market cap in a single day, while the flagship decentralized finance (DeFi) asset soared over 12% in the same period.
The prospect of Cardano reclaiming $1 is not far-fetched. This cryptocurrency spent a significant portion of the bullish market in 2021 above this price point, even breaching the $3 level on a couple of occasions.
To gain further insights, Finbold turned to the artificial intelligence (AI) algorithms deployed by the crypto analytics platform CoinCodex. These algorithms predict a potential breakthrough for Cardano in late April 2024, specifically on April 26, with an estimated price of $1.1312. The subsequent bullish wave is projected to emerge in early September 2024, after which the algorithms anticipate a bearish turn.
