Altcoins have been dabbling between a bullish and a bearish storm since the year began. For the most part, the bulls have taken charge, forcing different assets to switch positions as the market cap surpasses the other. With the new month marking the mid-term of the first quarter of the year, the market could take a different form as trading activities intensify.
While many fundamental factors will affect the turn out of events, these three altcoins have gripped the community’s attention for the most part of the week. Particularly for bullish reasons dating from the month before. The generally shared sentiments are bullish, but the controversy surrounding some of these assets hint at a potential downward correction that could be recorded in the near term.
The unexpected rise of Cardano (ADA)
The massive selloff that hit the altcoin community in the last weeks of February somehow managed to skip Cardano. While Bitcoin and other assets were shedding between 15% to 22% in losses, ADA surged by 13% in the same week, bringing its estimated gains for the month to 269%.
ADAUSD Chart By TradingViewMany critics have claimed that there is no reliable source backing the asset’s growth. But counterpoints with some noteworthy objective backings have suggested that Cardano is poised for a longer bullish run.
The Mary hard fork 127, which when completed will make Cardano a fully decentralized multi-asset, could be one of the reasons for the increased buying volume. More importantly, Defi, NFTs, and smart contracts can also be offered by …
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