Trading volumes in altcoins such as Cardano (ADA), Solana (SOL) and XRP (XRP) are surging as the current rally in cryptocurrencies accelerates.
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Cardano’s price has risen more than 6% over the past 24 hours as trading volumes spiked amidst a strengthening rally in digital assets. The price of Solana is currently at $152.45 per token, having gained as much as 5% in the past 24 hours. Cryptocurrencies trade 24 hours a day, seven days a week.
Altcoins are broadly defined as any cryptocurrency other than Bitcoin (BTC), which is the biggest digital currency by market capitalization. The current rally in altcoins comes with Bitcoin trading at $108,820 and on the cusp of an all-time high.
Risk On
Market analysts remain divided on Cardano’s short-term prospects and how long the altcoin rally will last. Some analysts point to bearish on-chain metrics, including declining active wallets. However, cryptocurrencies in general have been rallying alongside stocks in recent weeks, with the benchmark S&P 500 index now at a record high.
Having put concerns about trade wars and tariffs behind them, investors continue to pile into risk assets such as stocks and cryptocurrencies. Many on Wall Street expect to see new highs in Bitcoin and other crypto in coming weeks as the rally in U.S. markets gathers strength.
ADA is up nearly 50% over the last 12 months.
Is ADA a Buy?
Most Wall Street firms don’t offer ratings or price targets on cryptocurrencies such as Cardano, so we’ll look instead at its three-month performance. As one can see in the chart below, the price of ADA has declined 3.05% in the last 12 weeks.
