The PayPal announcement and the subsequent hike in Bitcoin’s price came at a great time for the altcoin market since many alts were struggling with the downtrend they have been on since mid-August. This speaks to not just Bitcoin’s overwhelming dominance of the crypto-market, but also to its high correlations stats with the rest of the industry’s cryptocurrencies. The same was evident when the price charts of Cardano, Ethereum Classic, and Dogecoin were observed.
Cardano, the cryptocurrency ranked 10th on CoinMarketCap’s charts, has noted quite a dramatic fall over the last few months. Back in July and mid-August, ADA was expected by many to lead the much-anticipated altseason. However, since then, the cryptocurrency’s value has steadily depreciated on the charts. In fact, the resulting downtrend even pulled ADA’s value level with its June 2020 levels.
In the month of October, however, ADA has done well, with the cryptocurrency on an uninterrupted uptrend on the charts. The said uptrend was given a boost by Bitcoin’s own hike, with the cryptocurrency gaining by almost 10%.
The same was highlighted by Cardano’s indicators