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ADA price hits $3 for the first time as Cardano, Ethereum lead crypto ‘super bull cycle’

Cardano’s ADA token surged to new all-time highs on Sep. 2 as an altcoin comeback gripped cryptocurrency markets.

There’s a firm sense of “altseason” across crypto markets Thursday, with one analyst calling the next phase of a “super bull cycle.”

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ADA/USD 1-day candle chart (Binance). Source: TradingView

Cardano joins Ethereum in serious gains

Data from CoinMarkets Pro and TradingView showed ADA/USD clipping $3.06 during trading Thursday.

Having shown strength for multiple weeks, Cardano benefited from a broader altcoin resurgence after attempting to hit the $3 mark throughout the second half of August.

The move coincided with the launch of the Cardano Alonzo testnet, ahead of a mainnet debut later this month.

At the time of writing, ADA/USD remained above $3 while taking a break at $3.066 on Binance.

Weekly gains totaled 17.2%, while Ether (ETH) nonetheless outshined within the top-ten cryptocurrencies by market cap with 20.5% weekly returns.

ETH/USD traded at almost $3,800 Thursday, around $600 short of its historic all-time highs seen in mid-May.

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ETH/USD 1-day candle chart (Bitstamp). Source: TradingView

Stars align for a crypto bull run

ETH had begun the upwards moves for altcoins, which originally came about as Bitcoin (BTC) cooled around $47,000. As BTC/USD then began to follow suit, a snowball effect appeared to enter the market, with all but three of the top-50 crypto tokens in the green on the day.

Related: Dogecoin Foundation demands copycat memecoin ‘Dogecoin 2.0’ change its name

“We’re entering the second phase of this super bull cycle and I like it. Enjoy it,” contributing analyst Michaël van de Poppe summarized.

As  reported, the foundations appear to be in place for renewed strength in Bitcoin and altcoins, the former’s on-chain metrics and fundamentals firmly bullish.