U.Today - Cardano (ADA), the ninth-largest cryptocurrency, is setting its sights on the $1 mark, reaching highs of $0.919 in today's trading session.As Bitcoin (BTC) approaches $100,000 for the first time, hitting $99,000 during Friday's trading session, capital is rotating to alternative cryptocurrencies (altcoins), raising expectations on the broader crypto market.According to on-chain analytics firm Santiment, Cardano and other altcoins are rapidly growing their market caps, fueled by a redistribution of profits from Bitcoin’s recent surge.Cardano (ADA) is outperforming with recent gains; the cryptocurrency has increased 15% in the last 24 hours, currently trading at $0.91, according to CoinMarketCap data. This is the highest price since May 2022.
The ADA price rose 44% this week, bringing the month-to-date increase to 150%. The token's market valuation has risen to $30.8 billion, making it the world's ninth-largest digital asset, according to CoinMarketCap data.If today closes in green, ADA will have gained for five days in a row. With $1 firmly in sight, the focus is on where the ADA price might go next. According to Santiment, Cardano's potential growth is closely tied to a crucial Bitcoin support level. Santiment noted that as long as BTC maintains a support level of around $95,000, November could see continued gains for ADA as profits continue redistributing to altcoins.