Why is Cardano price up today?

The price of Cardano (ADA) jumped over 19% to $0.64 on Dec. 9, its highest level in 18 months. It’s up 75% in December alone. 

ADA/USD daily price chart. Source: TradingViewWhy is ADA price up? 

Cardano’s recent gains did not accompany any groundbreaking fundamentals. Instead, they appeared on the cryptocurrency market catching up to Bitcoin (BTC) this month.

Notably, Bitcoin’s crypto market dominance has declined 3.5% from its Dec. 6 local peak, indicating that many traders have been rotating capital out of the Bitcoin market to seek profit opportunities in altcoins. That has benefited Cardano, whose market share has jumped over 46% since Dec. 6.

ADA’s crypto market dominance daily… Read more on Cointelegraph

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