Beyond the Green: What’s Driving Cardano’s 11.90% Jump?
Explore these factors that are driving the Cardano price growth to 11.90%
Several factors may have contributed to the recent surge of Cardano’s ADA token, which increased by 11.90% in the past 24 hours.This increase outperformed the overall crypto market, which rose by 4.26% in the same period.
Cardano’s Price Momentum according to Investing.com
According to Investing.com,
Cardano was trading at US$2.5390 on the Investing.com Index at 08:18 on Thursday, up 11.90% for the day.It was the highest one-day percentage increase since August 27.
Cardano’s market capitalization increased to US$80.7770 billion, accounting for 3.84% of the overall cryptocurrency market capitalization.At its peak, Cardano’s market capitalization was US$94.8001 billion in
crypto price.
Cardano has moved in a range of US$2.3969 to US$2.5497 over the previous 24 hours.Cardano’s value has dropped by 18.06% in the previous seven days.Cardano traded for US$7.6378 billion in the twenty-four hours leading up to the time of writing, accounting for 4.44% of total cryptocurrency volume.
It has traded between US$2.0316 and US$3.0291 during the last 7 days.
Cardano’s price currently is still down 18.07% from its all-time high of US$3.10, established on September 2.
Cardano’s Price Being Bullish according to CoinMarketCap
The ADA cryptocurrency, which is native to the Cardano blockchain network, rose more than 12% on Wednesday, according to CoinMarketCap.
According to CoinMarketCap statistics, the cryptocurrency traded at US$0.5812 in the early hours of Wednesday morning before rising to US$0.6517 at around 7:45 AM IST.
The ADA token also beat Ripple’s XRP and Solana’s SOL to become the sixth most valuable cryptocurrency.
The cryptocurrency’s 24-hour trading volume increased by 19.96%, reaching US$1,619,512,184.
Why did the Cardano Price Spike today?
The imminent Vasil hard fork has been one of the key causes driving up the price of the Cardano network’s ADA coin.The Vasil hard fork is part of an attempt to increase Cardano’s smart contract capabilities.As part of the Cardano Roadmap’s Basho phase, which focuses on scaling and network and ledger optimization, the ledger will see several enhancements.
A hard fork is a major modification to the network protocol that validates previously invalid blocks and transactions, or vice versa.
A hard fork happens when nodes of the most recent version of a blockchain cease accepting earlier versions, resulting in a permanent break with the previous network version.
Another element contributing to this rise is that the Cardano network now hosts over 1,000 projects, demonstrating increased trust in the network.A network with around 1,000 projects is a suitable baseline for demonstrating trust.
Furthermore, data show that the number of native assets on the network has significantly increased, which is another element contributing to Cardano’s growing value.
Over five million non-fungible tokens have been created on the Cardano blockchain network, indicating significant community interest.
What is driving the ADA price performance?
Following a seven-day jump, ADA is now the best-performing asset among the top 50 cryptocurrencies, as well as the top performer in the last 24 hours among the top 100.
The recent strong trend in Cardano’s price has practically reversed all of its losses from earlier this year.This shows an astounding 150% growth in ADA’s value by 2023, with the majority of the gains happening in the last six months.
The outstanding performance of ADA may be credited in large part to the cryptocurrency market’s general upward trend.
As Bitcoin’s price continues to rise, altcoins such as ADA have followed suit.
Santiment, a popular
cryptocurrency analytics tool, reported a reduction in the overall number of ADA addresses.This fall is sometimes interpreted as a positive indication since it implies that smaller investors are selling at a loss to larger holdings, signalling surrender.
Nonetheless, Santiment urged being cautious.
The data analytics tool reported that Cardano is witnessing the most social dominance days this year.
This discovery shows that investors may be too enthusiastic, which might lead to market FOMO.
Cardano DeFi reaches all-time highs
The recent increase in ADA pricing has sparked a rebirth in Cardano’s decentralised finance (DeFi) market, reaching a new all-time high of almost US$420 million.
Cardano’s extensive DeFi ecosystem is evidenced by the expansion of its top ten protocols.According to DeFiLlama statistics, these protocols have shown a significant double-digit increase in the last month.Notably, Indigo is the first DeFi protocol on the network to reach a total value locked (TVL) of US$100 million.
Cardano’s network has also seen significant growth in important metrics including fees, trade volume, and active addresses.
For example, decentralized exchanges on Cardano saw a trade volume of more than US$14.87 million in the previous 24 hours.This statistic increased by 193% over the week to US$62 million at the time of reporting, demonstrating the platform’s expanding popularity.
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