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ADA price hits $3 for the first time as Cardano, Ethereum lead crypto ‘tremendous bull cycle’

Cardano’s ADA token surged to new all-time highs on Sep. 2 as an altcoin comeback gripped cryptocurrency markets.

ADA/USD 1-day candle chart (Binance). Source: TradingView

Cardano joins Ethereum in critical beneficial properties

Data from Cointelegraph Markets Pro and TradingView confirmed ADA/USD clipping $3.06 throughout buying and selling Thursday.

Having proven energy for a number of weeks, Cardano benefited from a broader altcoin resurgence after making an attempt to hit the $3 mark all through the second half of August.

The transfer coincided with the launch of the Cardano Alonzo testnet, forward of a mainnet debut later this month.

At the time of writing, ADA/USD remained above $3 whereas taking a break at $3.066 on Binance.

Weekly beneficial properties totaled 17.2%, whereas Ether (ETH) nonetheless outshined inside the top-ten cryptocurrencies by market cap with 20.5% weekly returns.

ETH/USD traded at nearly $3,800 Thursday, round $600 in need of its historic all-time highs seen in mid-May.

ETH/USD 1-day candle chart (Bitstamp). Source: TradingView

Stars align for a crypto bull run

ETH had begun the upwards strikes for altcoins, which initially took place as Bitcoin (BTC) cooled round $47,000. As BTC/USD then started to observe go well with, a snowball impact appeared to enter the market, with all however three of the top-50 crypto tokens in the inexperienced on the day.

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

“We’re entering the second phase of this super bull cycle and I like it. Enjoy it,” Cointelegraph contributing analyst Michaël van de Poppe summarized.

As Cointelegraph reported, the foundations look like in place for renewed energy in Bitcoin and altcoins, the former’s on-chain metrics and fundamentals firmly bullish.