Cardano Hits 5-Month High As Bitcoin, Ethereum Hover Near Record Price

In brief

Cardano’s ADA has climbed double digits on the day and is one of the biggest winners of the week as it hit a five-month high.
It comes as Bitcoin set a new all-time high on Wednesday, while Ethereum closes in on its peak.
Predictors on Myriad believe that it is almost certain that Ethereum will set a new all-time high this year, and think its very likely it’ll hit $5,000.

Cardano has jumped 10.7% over the past 24 hours and briefly broke past $1, marking a five-month high for the token. It comes as Bitcoin set a new all-time high on Wednesday, and Ethereum is closing in on its peak, just 3.6% away from breaking its own all-time high at the time of writing.

Broadly, the crypto market is trading fairly flat on the day despite Bitcoin and Ethereum’s recent surges. Of the top 100 cryptocurrencies by market capitalization, Cardano’s native token ADA is the biggest winner over the past 24 hours and the fifth-largest winner over the past seven days, according to CoinGecko data.

Last week, a two-month-long airdrop called the Glacier Drop began distributing NIGHT tokens across eight blockchains, including Cardano. However, Ledger hardware wallet users holding Cardano were prevented from redeeming the airdrop due to a software issue with the wallet. Fortunately, the Midnight Foundation shortly released a workaround for Cardano Ledger users.

With that out of the way, Cardano has been free to fly 26.8% over the past seven days as it broke into the top 10 cryptocurrencies by market capitalization—passing Justin Sun’s TRON in the process.

Cardano is the biggest weekly winner out of the eight blockchains that participated in the Glacier Drop. In second place is Ethereum, which has soared 23.5% over the past week as it closes in on a new all-time high.

Predictors on Myriad believe that it is almost certain that Ethereum will set a new all-time high by the end of the year—and that the cryptocurrency has a better than 86% chance of hitting $5,000 before the year-end.

(Disclosure: Myriad is a prediction market developed by Decrypt‘s parent company DASTAN.)

“Around 97% of ETH holders are now in positive returns territory, which means we might see some profit-taking,” Kevin Rusher, founder of borrowing and lending ecosystem RAAC, said in a note shared with Decrypt. “But, will ETH go to $6,000? Of course it will. And everybody that didn’t get on the train back when it was $300 will be as disappointed as the guy that went to Papa John’s with his Bitcoin.”

Meanwhile, Bitcoin has climbed 3.9% on the week and set a new peak of $124,128 on Wednesday, Solana jumped 17.1%, and BNB 10.8%. Outside of the Glacier Drop, crypto exchange OKX’s native token OKB has spiked more than 128% on the week, as OKX announced it would slash supply.

Over the past day, $245 million worth of crypto short positions and $235 million in longs have been liquidated—totalling $481 million, according to CoinGlass data.