Cardano nears $2, Nano jumps 125% in firm shrug to Bitcoin bears and Elon Musk

The third-largest altcoin is following its own bullish path with new dollar all-time highs and a three-year high against Bitcoin.

Cardano (ADA), the fourth-largest cryptocurrency, hit new all-time highs on May 13 as bulls refused to follow the broad market downtrend. 

ADA/USD 1-hour candle chart (Binance). Source: Tradingview

ADA wows weary traders

Data from Cointelegraph Markets Pro and TradingView confirmed new record highs for ADA/USD on Thursday, with the pair touching $1.96.

The move is impressive and brings Cardano within inches of the psychologically significant $2 landmark.

The altcoin had followed many other large-cap cryptocurrencies higher in previous weeks, but Thursday showed a surprising resilience to volatility as most tokens fell in line with a reversal in Bitcoin (BTC).

With ADA/USD starting 2021 at just $0.16, excitement was clear among traders. 

“Thanks for playing,” Filbfilb, co-founder of trading suite Decentrader, summarized to Telegram subscribers on the day.

Filbfilb highlighted equally bullish behavior and prognosis for Cardano against Bitcoin. The USD high brought ADA/BTC back to a resistance level last tested in June 2018. 

Buzzword “energy” sees Nano steal the show

Despite its progress, however, the day’s hottest gains did not belong to Cardano, but Nano (NANO), which traded up by a maximum of 125% before consolidating near $14.

NANO/USD 1-hour candle chart (Binance). Source: Tradingview

The fallout of Tesla dropping Bitcoin for payments was still proving to be a boon for some altcoins at the time of writing — and which blockchain could boast energy-saving advantages was the topic of endless debate.

As Cointelegraph reported, the possibility remains that Tesla could adopt a different cryptocurrency, one which suited its mantra on eco-friendly business.