After seemingly being ignored by market participants during the ongoing market rally, Cardano (ADA) has managed to bounce back from a long streak of anemic underwhelming price action.

The altcoin, which is seen as one of the top Ethereum (ETH) competitors, is currently changing hands at $0.57 after skyrocketing by more than 32% over the past 24 hours.

It has vastly outperformed every other major alternative cryptocurrency in the top 10.

Following the most recent price surge, ADA has now reclaimed its spot in the top 10 with a market cap of roughly $20.7 billion.

ADA has certainly benefited from the broader cryptocurrency rally. As reported by U.Today, Bitcoin, the top cryptocurrency by market capitalization, recently reached a new record high of $79,673.

The ADA price is also seemingly benefiting from improving fundamentals. Cardano's total value locked (TVL) is up by 45% over the past 30 days. There has also been an impressive 74% spike in daily active users over the aforementioned period of time.

However, ADA is still down by more than 80% from its record high that was achieved back in 2021 even after its stellar price rally.

Another altcoin season?

Sui (SUI) and Cardano (ADA) are currently the best-performing tokens in the top 100, according to CoinMarketCap data.

Neiro (First Neiro on Ethereum) and Shiba Inu (SHIB) are also among the top gainers over the past 24 hours. These meme coins have spiked by 20% and 17%, respectively.

Speculators are also betting on the seemingly forgotten altcoins. Bitcoin fork Bitcoin Cash (BCH) has also surged by nearly 14%.

Bitcoin's dominance has now slipped to the 60% level now that another altcoin season is apparently here.