Cardano, with a market capitalization of $39.56 billion, confidently stands as the fifth-largest Layer 1 cryptocurrency. Recently, its native token ADA has shown an astounding performance, skyrocketing by 211.1% within just 30 days. This remarkable ascent has positioned ADA as the top-performing asset among major Layer 1 coins. However, despite this impressive rally, ADA’s current price of $1.1117 remains a significant distance from its all-time high of $3.101.
The question arises: Can Cardano soar to $10 during this bullish cycle? The potential exists, but understanding the driving forces behind this momentum is crucial. Let’s explore the dynamics at play.
Whale Activity Signals Growing Momentum
In the past 24 hours alone, Cardano has witnessed whale transactions reaching a staggering 26.09 billion ADA. Weekly data indicates a notable increase in whale holdings, surging from 26 billion to 41.83 billion ADA. This heightened whale activity suggests a rise in liquidity, potentially paving the way for further price appreciation. Should these large holders continue their accumulation, ADA could experience a robust upward trajectory.
Developer Activity Keeps Cardano Competitive
Cardano is recognized as one of the most active Layer 1 networks in terms of development. The recent Chang hard fork has introduced decentralized governance, while the Hydra Doom testing campaign has demonstrated its capability to scale with community participation. These ongoing advancements enhance Cardano’s attractiveness and bolster user trust, solidifying its status as a leading Layer 1 blockchain.
Curious about Cardano’s future price trends? Explore our long-term Cardano price prediction for expert insights and stay ahead of market movements!
Bitcoin Correlation and Why It Matters
Cardano shares a correlation coefficient of 0.94 with Bitcoin, indicating that its price often mirrors Bitcoin’s movements. Over the past month, Bitcoin has risen by 34.2%, reaching a new pinnacle of $98,888.09 on November 22. Currently trading at $96,732.87, Bitcoin is just 3.37% shy of the $100K threshold.
As institutional investors continue to rally behind Bitcoin, many anticipate it will soon surpass $100K. This expected milestone could positively influence Cardano, potentially propelling ADA closer to its ambitious $10 target.
Cardano’s price trajectory is influenced by various factors: increasing whale activity, ongoing developer innovations, and its strong correlation with Bitcoin. If these conditions remain favorable, ADA could be well-positioned to approach the $10 mark.
Cardano’s journey to $10 is marked by innovation, increasing liquidity, and a strong market correlation—promising an exciting future ahead.
FAQs
How high will Cardano go by the end of 2024?
The price of ADA could surge to a maximum of $1 by the end of 2024.
How high can Cardano go by the end of 2025?
According to our Cardano price prediction, the altcoin’s price could hit a maximum of $2.42 by the end of 2025.
Is Cardano a good investment in 2024, amidst newer higher-performing entrants?
Cardano is considered an underrated investment and holds significant potential for performance in the coming years, thanks to its extensive range of applications.
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