The last 24 hours have been great for Cardano. The crypto has managed to reclaim its previous market cap of around $22 billion. This surge comes as the Cardano community await the next network upgrade scheduled for June 2022.
Cardano surged by 25% in 24 hours
ADA’s price experienced a 25% increase over the last 24 hours. Meanwhile, the coin seems to have flipped XRP from the 6th position in the charts to become one of the top 6 largest cryptos by market cap. XRP is now at position 7 with $20.1 billion in market cap.
From the look of it, the bulls seem to have Cardano’s back. This is despite the fact that the rest of the market has been experiencing a slow-down, with various analysts and traders suggesting that a crypto winter is incoming. The coin is currently trading at around $0.65.
Is this a bull run?
While there have been fears of a coming crypto winter, especially given the bear market experienced over the last month, Cardano’s surge may have revived some hope in the community. For one, Bitcoin has already registered a surge that has taken its price from just below $30k to the current mark at $31.6k. Now, some investors are expressing hopes that the market might end on a high note in 2022.
However, it’s worth noting that Cardano is still way below its previous ATH price of close to $4. It would need a few more pumps, or one major pump, to reclaim its highest glory. Even then, investors would expect the price to surpass the previous ATH. Previous crypto bull runs of the recent years have been seen to achieve this, but it’s still not clear when the next bullish breakout might happen. Time will tell whether ADA will maintain its market standings in the coming days and weeks.