Cardano (CRYPTO: ADA), the tenth-largest cryptocurrency by market cap, defied the broader market downturn to post impressive gains in the 24-hour timeframe.
What Happened: ADA spiked 4.23% in the last 24 hours to trade at $0.463 at the time of publication, according to data from Benzinga Pro. The rally made ADA the third-best-performing digital asset in the market over the last 24 hours.
The outperformance helped ADA, often dubbed an Ethereum (CRYPTO: ETH) killer, attract eyeballs. Socially-driven engagements such as likes, comments, and reposts for the coin surged, according to social analytics firm LunarCrush.
On a very tough day across the crypto market, which assets are standing out with strong combined social and market activity? Let's take a look...
— LunarCrush (@LunarCrush) May 9, 2024
Cardano $ADA
Tellor $TRB
DOG•GO•TO•THE•MOON $DOG
FTX Token $FTT
Binance Coin $BNB
Velo $VELO
Frontier $FRONT
PepeFork $PORK... pic.twitter.com/hyM3OVioRI
Prominent on-chain analytics firm IntoTheBlock flashed "Mostly Bullish" signal for ADA, in contrast to "Mostly Bearish" and "Mostly Neutral" signals for other blue-chip currencies.
Why It Matters: ADA has seen a notable increase since the week began, climbing to $0.47 on May 6. Th uptick followed by a hypothetical proposal by Cardano founder Charles Hoskinson, asking the community's views on partnering with Bitcoin Cash.
Hypothetical Poll:
— Charles Hoskinson (@IOHK_Charles) May 4, 2024
Would you like to see Bitcoin Cash become a Cardano Partnerchain upgraded with Useful Proof of Work Leios, NiPoPoWs, and Ergo tech, thus being the fastest and most useful proof of work chain ever built?
Nearly 69% of the respondents have voted in favor of the proposal as of this writing, with two days still left before the poll ends.
Moreover, the community was eagerly awaiting the Chang Hard Fork, a major technical upgrade aimed at boosting the network's scalability and transaction speeds. The hard fork was tentatively slated for the second quarter.
Based on historical movements, noted cryptocurrency analyst Ali Martinez had predicted a "parabolic bull run" for ADA. He said that last month's 50% price decline was a golden opportunity to stack up the asset.
History doesn't repeat itself, but it often rhymes!
— Ali (@ali_charts) May 3, 2024
If that is the case for #Cardano, we should be positioning ourselves for what's coming, understanding that the recent price correction might just be one of the last buy-the-dip opportunities $ADA will give you. pic.twitter.com/wlKs7fNhb8
Photo by Dennis Diatel on Shutterstock