As a seasoned analyst with over two decades of experience in the financial markets, I find myself constantly intrigued by the dynamics that drive the crypto market, and this recent surge in top-tier altcoins like Cardano is no exception.
In the current bullish trend of cryptocurrencies, spearheaded by Bitcoin trading around $76,394 with a 2.1% daily volatility and a market cap of $1.51T, the leading altcoins, notably Cardano, have experienced significant growth over the past few days. As per recent market data, the price of ADA has soared by more than 15% in the last 24 hours, reaching approximately $0.43 during the London trading session on Friday, November 8, 2024. This surge comes with a daily volatility of 18.1% and a market cap of $15.75B, along with a 24h volume of $1.55B.
The value of a major altcoin (ADA) is approximately $19 billion. In a single day, the amount of this cryptocurrency being traded increased by 117% to around $1.26 billion. Looking at it from a technical perspective, ADA’s price has bounced back from an important support level above 32 cents after remaining stable since early July this year.
If the positive trend in cryptocurrencies persists over the next few weeks, it’s plausible that the price of ADA could significantly increase, possibly surpassing $1. Furthermore, the weekly Relative Strength Index (RSI) for ADA has spiked above 50% for the first time since April this year, suggesting a resurgence of optimistic feelings among investors.
In other words, for ADA’s price to advance significantly, it needs to persistently surpass its 50-week moving average, a barrier that has caused challenges in recent months.
Major Factors Driving Cardano Price Up Today
In the past few months, there’s been a surge of investors drawn to the Cardano network. This trend has been fueled by the election victories of pro-crypto candidates in the U.S., particularly President-elect Donald Trump. Additionally, the altcoin has experienced substantial growth due to recent interest rate reductions in countries like the UK, Europe, Canada, and the U.S. Furthermore, as digital assets and web3 technologies become more mainstream, global liquidity is projected to increase, which could potentially benefit the cryptocurrency market even further.
The value locked in the Cardano network has significantly increased by more than $60 million since mid-September, reaching approximately $257 million at the time of this update. Moreover, the market for Cardano’s stablecoins has experienced a rise, with around $18 million being led by the decentralized algorithmic projects known as the DJED stablecoin.
Over the last day, approximately 37,000 active addresses have been recorded within the Cardano decentralized finance (DeFi) environment. Notable high performers in this network include lending platforms such as Liqwid, Minswap Decentralized Exchange (DEX), and Indigo CDP, with several others contributing to the ecosystem as well.
🚀 In recent days, Cardano has been one of the standout altcoins experiencing significant growth amid the broader crypto rally. With gains exceeding +25% over the past 3 days, it seems that retail investors may soon be jumping on the bandwagon due to fear of missing out (FOMO). This positive momentum is a welcome development for the long-supporting ADA community.
— Santiment (@santimentfeed) November 8, 2024
Based on data from market analysis tool Santiment, the Cardano blockchain saw its largest number of significant transactions (whales) since early September. In the past day alone, approximately 697 transactions involving accounts holding over 100,000 ADA coins were detected.
As a researcher delving into the world of blockchain technology, I’m currently focusing on exploring ways to integrate Bitcoin into the Decentralized Finance (DeFi) sector. This could potentially tap into a massive market worth over $1.4 trillion. However, it’s crucial to acknowledge that the Cardano network has its work cut out for it, as it competes against other leading layer one chains.
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2024-11-08 17:09