The cryptocurrency market has resumed its rally, and some analysts are calling the next phase a super bull cycle.
ADA Sets New All-Time High At $3
Cardano (ADA) has been one of the best performing cryptos in the market. The coin has surpassed Binance Coin (BNB) to become the third-largest cryptocurrency by market cap. However, ADA might surge higher after setting a new all-time high at $3 earlier today.
The general cryptocurrency market resumed its rally today after underperforming since the start of the week. Bitcoin was finally able to touch the $50k level again after struggling for the past few days.
Ether has also successfully cemented its price above the $3,500, with the Ethereum native coin currently trading at $3,775 per coin. Cardano continues to set the trend in the market, reaching a new all-time high of $3 earlier today.
Cardano’s rally coincides with the launch of its Alonzo testnet as the network prepares for a mainnet launch later this month. The Alonzo upgrade is expected to usher in numerous changes to the Cardano blockchain, including the introduction of smart contract features. With the availability of smart contracts, the Cardano blockchain can host a wide range of decentralized finance (DeFi) protocols and NFTs.
DeFi and nonfungible tokens are some of the hottest fields in the crypto space, and they are gaining massive adoption globally. Hence, the possibility of NFTs and DeFi coming to the Cardano blockchain is enough to cause a rally.
Cardano’s price is up by over 4% in the past 24 hours, and ADA is trading around the $3 mark.
Analysts Believe A Super Bull Cycle Is Under Way
The crypto market has been in a bullish trend over the past year despite the slight correction experienced over the summer. Despite the impressive performance displayed by the broader cryptocurrency market, some analysts believe that we are set to enter a Super Bull Cycle.
We’re entering the second phase of this super bull cycle and I like it.
— Michaël van de Poppe (@CryptoMichNL) September 1, 2021
This cycle could see the prices of most cryptocurrencies double or triple over the next few months. Michaël van de Poppe is confident that the prices of cryptocurrencies could continue to rally over the coming months.