Broader market uptrends and Solana’s network outage have triggered this week’s rise in ADA price.
This week, Cardano (ADA) has experienced a notable rise, rising over 8.5% to reach $0.535 by Feb. 8. The bulk of this weekly appreciation, approximately 6.5%, occurred in the last 24 hours, driven by a confluence of technical indicators, on-chain data, and foundational developments.
Cardano’s rise this week mirrors upside sentiment elsewhere in the crypto market. For instance, Bitcoin (BTC) and Ether (ETH), the leading cryptocurrencies by market cap, have risen by over 4% and 5.25% week-to-date, respectively.
The daily correlation coefficient between Cardano and Bitcoin has remained mostly positive throughout history. As of this week, it was above 0.75.
