In a recent tweet, Santiment noted that AAVE and other altcoins are exhibiting unusual behavior related to the decline of the leading cryptocurrency Bitcoin (BTC).
AAVE, GMT, ZIL ahead of other altcoins
According to data shared by Santiment, the altcoin market is experiencing a huge rise as Bitcoin struggles. Among them, four cryptocurrencies are leading the rise: AAVE is up 42% to date, ZIL is up 52%, GMT is 219%, and WAVES is up 45%. The market cap of these altcoins has also been increasing rapidly since last Monday.
As a rule, when Bitcoin’s price drops, the altcoin market is also similar exhibit price movements. This time, however, things don’t go quite as expected. Last week, Bitcoin failed to hold above the $48,200 level and lost 7.52%, dropping from $48,200 to $44,617. Since April 1, Bitcoin has only managed to recover 3.62% of its losses. Apart from AAVE, GMT, ZIL, GMT and WAVES, another standout altcoin was Cardano (ADA)…
Cardano (ADA) broke the asymmetric triangle upwards
Cardano’s native cryptocurrency unit ADA broke the strong technical pattern commonly known as the asymmetrical triangle. According to TradingView data, Cardano entered the triangle in the last days of March and has been trading inside the triangle for the past 14 days. According to the chart, the breakout itself took place at the beginning of the new trading day and ADA rallied to $1.2 within a few hours. The new milestone is linked to the resistance line formed after three unsuccessful attempts to reach $1.25.
Cardano’s core growth
7 new use cases to be released on the Cardano network and expected to bring millions of entries to Blockchain powered platforms ; may have a positive effect on the ADA price due to the increased use of the network. Previously, data sources like DeFiLIama had reported the tremendous growth of the Cardano network, with its DeFi applications and projects pulling in more than $200 million in ADA in less than a month.
This strong growth in TVL and user count fueled the ADA rally in March as the ADA price has appreciated over 55% since March 16. At the time of writing, ADA is trading at $1.21 with 3% growth over the past few hours, hitting its highest point since February.
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