Cardano has been the second-largest gainer in the crypto market this month after Solana. On September 2, Cardano hit an all-time high of $3.09 amidst the ongoing crypto market rebound. Besides Cardano, Ethereum has also been on an upswing, having clinched $3700 for the first time since the May market crash.
Whilst gains have been witnessed across the broader market, some market analysts believe this is an altcoin season, as Bitcoin seems to be struggling to reach new highs.
Cardano Ether Bull Run
Data from Coingecko shows that Cardano hit an all-time high of $3.09 on September 2 before retreating to its current level of $3.03 at the time of writing. Cardano’s price action has been impressive over the past month, with its value tripling within this period. The bulls have been attributed to the support garnered from the broader crypto market.
Altcoins have been making a positive price action in the past month, and while ADA attempted to hit $3 in mid-August, the upswing was rejected before it retreated to the $2.80 levels. However, market support created over the past 24 hours has renewed the bull rally.
Besides market support, ADA’s bull run has also been influenced by news of the Cardano Alonzo hard fork. In an announcement made by the firm on September 1, the Cardano Alonzo test was already live, and smart contracts could be launched on it. The announcement also added that the final testing and integrations would follow shortly after.
The Alonzo mainnet is expected to debut later this month, pushing ADA to make another bull run. At the time of writing, Cardano had recorded an 8.06% gain in the past 24 hours, with analysts setting the next major target at $3.50.
On the other hand, Ethereum has also made a major upswing that has propelled the coin’s weekly gains to $23.2%. At the time of writing, Ethereum was trading at $3740, according to data from Coingecko. Ethereum also touched the $3800 mark on Thursday before a slight flip.
Currently, Ethereum is around $600 short of reclaiming its all-time high of above $4300 reported in mid-May. Ethereum has also outshined other cryptocurrencies in the top ten list in terms of 24-hour gains. The price action has also supported Bitcoin, which touched $50,200 on Thursday before slumping back to $49K.
Signs of a Major Bull Run
The broader market has shown an incredible recovery in the past day, with analysts now believing that all factors show signs of a major bull run. While Bitcoin has been rejected at $50K in recent weeks, the current support from Ethereum shows signs that this level could now hold.
On Thursday, the majority of the top 50 cryptocurrencies were trading in the green zone. Only three coins in this list were trading in the red zone, indicating a major bullish sentiment has entered the market.
A tweet from Cointelegraph’s analyst, Michael Van de Poppe, stated that the recent rebound shows the market is entering the “second phase of this super bull cycle.” Hence, we could see the broader market making major recoveries as coins continue to register new all-time highs.
Last week’s report from Glassnode indicated that all foundations were in place to support a strong bull run for Bitcoin and altcoins. The report further focused on Bitcoin’s on-chain metrics and fundamentals, which remained strongly bullish.