The altcoin market shined after Bitcoin stalled near the $100,000 level.
Many alternative cryptocurrencies have seen remarkable increases.
Among the major altcoins that have shone in the last 24 hours is Cardano.
Cardano (ADA) has seen a significant rise in the last few hours, breaking the $1 barrier for the first time in more than two years.
This increase brought the market cap of the coin to around $40 billion, surpassing the market cap of USDC.
ADA has become the eighth largest cryptocurrency, according to CoinGecko.
A look at Cardano’s recent bull run:
The positive momentum in ADA price was sparked two weeks ago when IOG founder Charles Hoskinson announced his intention to help create more pro-crypto policies in the US by 2025, sending ADA up 30% in a single day to $0.6.
The gains continued gradually, as ADA crossed the $0.72 level at the end of last week, and gradually rose to $0.9 by Friday evening.
This morning, ADA hit a 2.5-year high of $1.15 before settling at $1.10.
ADA has posted monthly gains of over 200%, making it the second best performer after Dogecoin, which is up 230% over the same period.
Can ADA reach $10?
With ADA making major breakthroughs, speculation has begun about it possibly hitting $10.
Achieving this goal will mean:
ADA's market cap has risen to around $400 billion, putting it in direct competition with Ethereum (ETH).
Breaking important resistance levels, including the all-time high in September 2021 at $3.09.
Reaching this ambitious goal depends on the continuation of positive momentum and ADA’s success in facing upcoming market hurdles.
