Cardano (ADA) Up By Over 65% In 2023 – Here’s Why

2023-2-6 17:22

Following the turn of the new year, the crypto market has had a strong bullish run, with the market’s total cap surging over 37% and exceeding the $1 trillion mark in just five weeks. Cardano (ADA) has been one of the best-performing tokens of the year, recording massive profits weekly as it maintains an upward trajectory.

Since the start of 2023, Cardano has gained by over 65%, moving from $0.24 on January 1, 2023, to its current market price of $0.40 based on data from Tradingview.com. During this period, Cardano’s market cap also boosted from $8.63 billion to $13.81 billion, allowing the token to retain its position as the 8th biggest cryptocurrency in the world.

ADA Market Cap at $13.81 | Source: ADA Chart on Tradingview.com.

Behind Cardano’s Market Surge

While many factors have influenced Cardano’s rise in the last few weeks, credible on-chain analytics platform Santiment has presented a report explaining recent network transactions driving this price rally.

According to Santiment, there has been an accumulation of $405.85 million worth of ADA by key sharks and whales’ wallets since the beginning of the new year. This report indicates that this massive investment in ADA within a short time frame has contributed significantly to the token’s price gain in 2023.

Source: Santiment

Concerning these transactions, Santiment also reported yesterday that ADA recorded its biggest daily amount of $100k+ transactions since November 12, 2022. Historically, such spike in whale transactions usually precedes massive price shifts. Thus, Cardano is one token that investors should watch closely in the coming days, alongside other coins with similar transaction histories like Shiba Inu and Hex. 

Of course, other factors have driven ADA’s price aside from these whale transactions. For example, the Total Value Locked of the Cardano DeFi ecosystem has surged by over 100% in 2023 based on data from DeFiilama. The Cardano DeFi space is currently valued at $102.79, the highest value since August 2022. 

In addition, there has been much excitement within the Cardano user community after Cardano Founder, Charles Hoskinson, announced on January 8, 2023, the opening of his hospital – “Hoskinson Health & Wellness Clinic” – which will offer patients the option of paying ADA tokens for medical services.

Cardano (ADA) Price Prediction For 2023

Per price prediction from BitNation, ADA is expected to reach a peak price of $0.72 in 2023. Their forecasts also stated that the expected average and minimum market prices of ADA for the year are $0.69 and $0.48, respectively

DigitalCoinPrice, another popular prediction site, also projects ADA to trend upward in 2023. Based on their projections, Cardano could trade as high as $0.88, representing a plausible 120% gain on the current market price.

That said, note that these price predictions should not be relied on in making investment decisions. All investors are admonished to do their due diligence, considering all risk factors that affect the crypto market. 

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

New Year Bull (NYB) на Currencies.ru

$ 0.0703336 (+0.01%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: -0.09 %
Cегодня L: $0.0703336 - H: $0.0703336
Капитализация $0 Rank 99999
Цена в час новости $ 0.0272132 (158.45%)

year market cardano ada best-performing tokens mark

Источник: newsbtc.com

year market → Результатов: 126


Why Is Ripple’s XRP Currently Having A Hard Time Getting Out Of $0.3?

Because 2019 has been a good year for the crypto market, many people agree that last year’s crypto winter which extended into the year is now over. Even though there are some who still think it isn’t exactly over yet, the general consensus is that the market is in a much better place right now […] The post Why Is Ripple’s XRP Currently Having A Hard Time Getting Out Of $0.3? appeared first on ZyCrypto.

2019-5-7 10:00


ICO Market Doubled in a Year, Investing up Ten-Fold

Initial Coin Offering–Despite the sinking price of cryptocurrency across the market, initial coin offerings have managed to fair well in terms of growth through 2018. While the entire industry is embroiled in a bear cycle that has continued into the eighth month of the year, ICOs have doubled since 2017, while drastically increasing the amount […] The post ICO Market Doubled in a Year, Investing up Ten-Fold appeared first on Ethereum World News.

2018-8-9 18:27


Augur’s Prediction Market Is Underwhelming

2018 will likely be remembered as a landmark year in cryptocurrency, as a period in which many of the early initiatives and well-funded ICO startups launched. While many of these projects have exciting and potentially paradigm-shifting capabilities, it’s also important to recognize that the realities of such developments do not always mirror the anticipated possibilities. […]

2018-7-28 22:00


Фото:

Thai Bond Market Association Blockchain-based registrar should launch the Bond Service Platform

The Thai Bond Market Association (TBMA) will deploy a blockchain-powered solution on its registrar service platform, local news agency Bangkok Post reports July 28. The new registrar service platform, which is scheduled to be introduced this year, intends to provide a faster bond certificate issuance and, in turn, boost the liquidity of the secondary market,

2018-7-28 09:22


Ethereum to fall further? High profile investors are shorting ETH

Ethereum has seen its value go down by 36% in the past year. Being the world’s second largest cryptocurrency, it is surprising that it is falling at all, but what is even more shocking is that many investors, cryptocurrency enthusiasts and market participants are betting against the fact that the cryptocurrency may see more losses The post Ethereum to fall further? High profile investors are shorting ETH appeared first on ItsBlockchain.

2018-7-26 16:29


Фото:

Bitwise Files With SEC for Cryptocurrency ETF

Bitwise Asset Management is the latest venture to apply for a cryptocurrency exchange-traded fund (ETF). Called the Bitwise HOLD 10 Cryptocurrency Index Fund, the ETF will track the returns of the company’s HOLD 10 Index, a “market-cap-weighted index of the 10 largest cryptocurrencies” that captures roughly 80 percent of the total cryptocurrency market capitalization.

2018-7-25 02:18


Facebook Restores Coinbase Crypto Ads, No Intent to Block Legitimate Companies

The CEO of Coinbase has just announced that the platform has just been approved to display ads on the largest social media platform in the world, Facebook. Facebook Repeals Ban On Crypto-Related Advertisements As the market began to run last year, so did cryptocurrency ad sightings, with dozens, if not hundreds of cryptocurrency companies promoting.

2018-7-21 14:39


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Whale Activity Declining – Why A Turnaround Is Important

According to the latest on-chain revelation, the Bitcoin network has been experiencing a steady decline in high-value transactions over the last few weeks. This sluggish activity has been mirrored by the price of the premier cryptocurrency, which has struggled to break out of consolidation throughout the month of April.

85% Of Altcoins In “Opportunity Zone,” Santiment Reveals

The on-chain analytics firm Santiment has revealed that over 85% of all altcoins in the sector are currently in the historical “opportunity zone. ” MVRV Would Suggest Most Altcoins Are Ready For A Bounce In a new post on X, Santiment discussed how the altcoin market looks based on their MVRV ratio model.