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<a href="https://u.today/cardano-ada-skyrocketing-393-in-netflows-as-whales-commit-to-fresh-move" rel="noopener noreferrer nofollow">Cardano (ADA)</a>, the ninth-largest cryptocurrency, is setting its sights on the $1 mark, reaching highs of $0.919 in today's trading session.
As <a href="https://u.today/bitcoin-up-500-since-historic-crash-below-16000-two-years-ago" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> approaches $100,000 for the first time, hitting $99,000 during Friday's trading session, capital is rotating to alternative cryptocurrencies (altcoins), raising expectations on the broader crypto market.
According to on-chain analytics firm Santiment, Cardano and other altcoins are rapidly growing their market caps, fueled by a redistribution of profits from Bitcoin’s recent surge.
Cardano (ADA) is outperforming with recent gains; the cryptocurrency has increased 15% in the last 24 hours, currently trading at $0.91, according to <a href="https://coinmarketcap.com/currencies/cardano/" rel="noopener noreferrer nofollow">CoinMarketCap</a> data. This is the highest price since May 2022.The ADA price rose 44% this week, bringing the month-to-date increase to 150%. The token's market valuation has risen to $30.8 billion, making it the world's ninth-largest digital asset, according to CoinMarketCap data.
If today closes in green, ADA will have gained for five days in a row. With $1 firmly in sight, the focus is on where the ADA price might go next.
<blockquote class="twitter-tweet">
 📈 While eyes have been on Bitcoin making history, altcoins like XRP, Cardano, Stellar, Hedera, Mantra, and Algorand are growing their respective market caps rapidly. As long as BTC maintains a ~$95K+ support , expect November profits to continue redistributing to altcoins. <a href="https://t.co/AXNyVd46Ro" rel="noopener noreferrer nofollow">pic.twitter.com/AXNyVd46Ro</a>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1859712555100643377?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 21, 2024</a>
</blockquote>
According to <a href="https://x.com/santimentfeed/status/1859712555100643377" rel="noopener noreferrer nofollow">Santiment</a>, Cardano's potential growth is closely tied to a crucial Bitcoin support level. Santiment noted that as long as BTC maintains a support level of around $95,000, November could see continued gains for ADA as profits continue redistributing to altcoins.
<h2 id="cardano-nears-1">Cardano nears $1</h2>
Bitcoin's surge has revived interest in the cryptocurrency market, boosting altcoins such as <a href="https://u.today/cardano-ada-price-on-verge-of-breakout-what-on-chain-metrics-suggest" rel="noopener noreferrer nofollow">ADA</a>. Cardano began increasing from a low of $0.326 on Nov. 5. The rise cleared the daily moving averages of 50 and 200, as well as the $0.8 level, reinforcing the bullish trend.
Given ADA's recent spike, bulls are aiming for $1 next. This level may pose a significant challenge, but once cleared, ADA might rise to $1.25 and even $2.
This optimistic outlook will be discredited in the short term if the ADA price falls below $0.8 and further to $0.7. This could entice short-term buyers to take profits, dragging the ADA price lower to $0.58. <a href="https://u.today/cardano-ada-targets-1-bitcoin-could-make-or-break-it" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

Cardano (ADA) Targets $1: Bitcoin Could Make or Break It

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