2023-10-31 14:30 |
Cardano (ADA), the eighth-largest cryptocurrency by market capitalization, has been on an impressive tear, surging by just over 20% in the past ten days.
Notably, on Monday, ADA managed to tap the $0.30 mark, a level last witnessed in August. These remarkable gains come on the back of a broader resurgence in the cryptocurrency market, led by Bitcoin in the second half of October, reflecting a growing sense of optimism among investors.
While Cardano’s price surge has captured the attention of the crypto community, more factors behind its recent climb have come to light.
Earlier today, onchain analytics firm Santiment tweeted that Monday marked the highest number of older wallets moving ADA since April 2022, indicating that more coins are re-entering circulation. While this might initially be perceived as a potential sign of profit-taking, the firm provided a compelling twist to the story.
It noted that Wallets holding between 100,000 and 10 million ADA have accumulated a remarkable 43.71 million ADA in just two short weeks. This substantial accumulation not only reflects renewed investor confidence but also underscores their belief in Cardano’s enduring long-term potential.
Beyond that revelation, Messari, another crypto analysis firm, shared a compelling report Monday stating that Cardano’s Total Value Locked (TVL), a key DeFi metric, remained steady quarter-over-quarter but surged by an impressive 198% YTD. Cardano’s TVL ranking among all networks also significantly climbed, rising from 34th place at the beginning of 2023 to 15th. This growth in TVL underscores the increasing demand for DeFi applications on the Cardano blockchain.
Furthermore, Cardano’s ecosystem has been bustling with activity. Project Catalyst Fund10, supported by the Cardano Treasury, successfully funded 192 projects from a pool of 50 million ADA, further fueling innovation and development within the Cardano community.
Notably, the Voltaire governance phase has also been gaining momentum with the launch of two significant projects, SanchoNet and Intersect. SanchoNet, a testnet for on-chain governance, aims to enhance Cardano’s decentralized decision-making processes. Intersect, on the other hand, is a Cardano member-based organization that seeks to strengthen the community’s role in shaping the network’s future.
Additionally, Messari noted that since launch, Mithril, a stake-based signature scheme and protocol designed to improve node syncing times, has seen nearly 100 stake pool operators (SPOs) participating in signing certificates. This innovation promises to enhance the speed and efficiency of the Cardano network.
That said, Cardano’s recent resurgence, driven by its strong price performance and robust ecosystem development, has ignited a fresh wave of optimism within the Cardano community. Today, popular crypto analyst Austin Hilton expressed his belief in ADA surging roughly 10% by mid-November.
At press time, ADA was trading at $0.300 after a 0.28% increase in the past 24 hours.
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