The cryptocurrency market capitalization surpassed $3 trillion on Wednesday

The cryptocurrency market capitalization surpassed $3 trillion on Wednesday, with more money flowing into altcoins.

Despite $1 billion inflows in BlackRock’s IBIT ETF, Bitcoin has stayed below $95,000.

After a week of holding steady, major altcoins broke key resistance levels on Tuesday. Ethereum and Cardano led the way with 2% gains, outpacing Bitcoin’s 0.6% rise. This shows growing momentum for altcoins, with many market watchers hinting that altcoin season could be here.

After a strong recovery last week, Cardano is currently (07:12 ET, Wednesday) trading at $0.7019, gaining 0.4% over the past 24 hours. As the chart below shows, the current setup on the smaller timeframes is setting up Cardano for what could be a major breakout.

Pointing out the 2020 inverse head-and-shoulders pattern that led to an explosive rally in the later part of 2020, Mintern adds that the current setup is nearly identical and could propel ADA to new highs.

“We’re still in the early stages of this bull market and I think the real move hasn’t even started yet,” the analyst continues.

Also, crypto analyst Ali Martinez says that Cardano is quickly approaching a crucial test at $0.74. If the bulls manage to push through this resistance, it could open the door for a potential rally towards the next resistance at $0.88.

Recently, Cardano has surpassed Ethereum in developer activity, which has sparked fresh excitement, hinting at a possible rally for Cardano.

According to data from Cryptometheus, Cardano has outpaced Ethereum in core developer activity over the past year, with 21,439 GitHub commits across 550 repositories.

The Cardano ecosystem thrives with 38 projects and 4,012 public repositories. However, developer engagement has decreased by 10.28% this month, with 262 developers making 1,845 commits, marking a 19.2% decline from the previous month.

Besides, Hoskinson recently announced that Cardano is set to integrate Bitcoin into its Lace wallet, which will allow BTC holders to access Cardano DeFi with a simple one-click feature.

Hoskinson says Cardano’s ADA could hit $3, $5, or even $10 if the community backs the proposed development plan and budget.