All the coins in the crypto market were on a downward trajectory. Bitcoin [BTC] seemed to be taking all the assets on a downhill journey. Despite this strong bearish sentiment in the market, Cardano [ADA] remained untethered. The altcoin was the only asset that wasn’t painted red.
At the time of writing, ADA was trading for $1.10 with a 5.53% surge in the last 24-hours. The altcoin seemed to be making its way onto its three-year-old all-time high of $1.33. While this wasn’t very far from where ADA was currently at, a few bears in its market were pulling the coin back from achieving this high.
ADA was quite close to flipping Binance coin [BNB] for the fourth place in terms of market cap. While BNB was at $34.5 billion, ADA’s market cap was noted at $33.98 billion.
Cardano [ADA] continues hoarding the bulls
The one-hour price chart of ADA on Binance suggested that bullish sentiment was intact in the market. The daily moving average seemed to be retaining its bullish crossover, with the 50 daily moving average [blue] over the 100 daily moving average [red]. The Awesome Oscillator indicator was seen forming dainty green closing bars which further showed bulls’ presence in the market.
While all the crypto spotlight remained unimpaired on Bitcoin, a global crypto investment fund revealed that it was veering into the world of altcoins. FD7 Ventures, a Dubai-based platform in a blog post, announced selling $750 million worth of Bitcoin to elevate their Cardano and Polkadot holdings.
ADA and DOT have been exhibiting a notable performance over the last couple of months. Despite entering the market a little later than most coins, DOT managed to secure a place on the top. Currently, DOT was seen trading at $30.40 as the sixth largest cryptocurrency. The asset, unfortunately, seemed to be a victim of the latest bear market as it was enduring a fall of 9% in the last 24-hours.
Elaborating on the Dubai-based platform’s latest move, its Managing Director, Prakash Chand said,
“I’ve been lucky enough to spend lots time with the brightest minds in crypto and I’m willing to bet that each of Ethereum, Cardano and Polkadot will be more valuable than Bitcoin within the next few years.”