ADA Price Hits $ 3 For First Time As Cardano, Ethereum Lead Crypto’s ‘Super Bull Cycle’

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The Cardanos ADA token hit new all-time highs on September 2 as a return of altcoin gripped the cryptocurrency markets.

1-day ADA / USD candle chart (Binance). Source: TradingViewCardano Joins Ethereum For Serious Gains

Data from Cointelegraph Markets Pro and TradingView showed ADA / USD to crush $ 3.06 during Thursday’s session.

After showing strength for several weeks, Cardano benefited from a wider altcoin resurgence after trying to hit the $ 3 mark throughout the second half of August.

The move coincided with the launch of the Cardano Alonzo test network, ahead of the mainnet’s debut later this month.

At the time of writing, the ADA / USD was staying above $ 3 while breaking at $ 3.066 on Binance.

Weekly gains totaled 17.2%, while Ether (ETH) nonetheless eclipsed the top ten cryptocurrencies by market cap with weekly returns of 20.5%.

ETH / USD traded near $ 3,800 on Thursday, about $ 600 below its all-time highs in mid-May.

ETH / USD (Bitstamp) 1 day candle chart. Source: TradingViewStars lines up for a crypto bull run

ETH had started the upward movement for altcoins, which originally occurred when Bitcoin (BTC) cooled to around $ 47,000. As BTC / USD began to follow suit, a snowball effect appeared to enter the market, with all but three of the top 50 crypto tokens going green that day.

Related: 9/1 Price Analysis: BTC, ETH, ADA, BNB, XRP, DOGE, SOL, DOT, UNI, LUNA

We are entering the second phase of this super bull cycle and I like it. Take advantage of it, summarized Michal van de Poppe, Cointelegraph collaborating analyst.

As Cointelegraph reported, the groundwork appears to be in place for renewed strength in Bitcoin and altcoins, the on-chain metrics and fundamentals of the former are firmly bullish.

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