Cardano, now the eighth-largest cryptocurrency in the market, has been one of 2020s best-performing cryptocurrencies, with its price-performance putting the likes of Bitcoin in the shade. In fact, since hitting its price bottom for the year in March, ADA has surged exponentially, outperforming Bitcoin by 200% and the rest of the altcoin market by 250%.
Since bottoming in March, Cardano (Blue) is up 312% as it continues to rally into its long awaited Shelly Main-net rollout. Meanwhile, Cardano has outperformed both bitcoin (orange) by over 200% and the alt-market (Red) by more than 250%. #CryptoNews pic.twitter.com/AkRarYFC48
— BKCoinCapital (@BKCoinCapital) July 2, 2020
Can Cardano lead the altseason?
Needless to say, the hype associated with Cardano is high. However, with performances such as this, it is not surprising that some in the community have already started pitching Cardano as the flagbearer of the next altseason. Such speculations have been driven by not only ADAs performance on the price charts but also its decoupling from Bitcoin over the past few weeks and months.
This isnt the first time the performance of an altcoin has caught the eye of the community. Earlier in the year, when Ethereum surged between January and February, many were quick to note its falling correlation indices with Bitcoin to push forward the proposition that Ethereum will lead the altseason. A few months later, Stellar Lumens brief decoupling gave rise to similar conversations.
However, the altseason didnt come to pass, and if anyone had any questions about Bitcoins impact on the market, there was no need to look past the Black Thursday crash.
This leads to the question – Can Cardano do any better?
Exponential price hikes and falling correlations
There is good reason to believe that Cardano may not be a ...