Cardano price overtakes Solana: Can this $98m signal trigger another 25% rally?
Cardano’s price hit a 2-year peak of $0.78 on Mar. 5, which saw ADA’s weekly timeframe gains exceed Solana’s performance.
Cardano and other altcoins have been on a tear over the past week, while Bitcoin’s dominance ( BTC.D ) slipped into a downtrend. On-chain analysis examines how the rapid growth of Cardano’s defi ecosystem could help ADA prices capture more value in the coming days.
ADA price has outperformed SOL in the past week Bitcoin has grabbed most of the media headlines in March 2024 so far. However, Bitcoin dominance over the past week highlights how investors have begun diversifying portfolios as BTC price reaches an all-time high.
Market data shows that mega-cap Layer-1 altcoins have been attracting billions of dollars in capital inflows, and ADA has now emerged as one of the most sought-after coins in the current phase of the market rally.