Cardano ($ADA) Price Hovers Around $1 After Surging Over 200% in a Month

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As a seasoned crypto investor with a decade of experience under my belt, witnessing the meteoric rise of Cardano ($ADA) has been nothing short of exhilarating. I remember buying ADA at mere cents back in 2018, and now, here we are, on the brink of it surpassing $1 for the first time since April 2022. It’s a testament to the resilience and potential of this smart contract platform.

The value of Cardano‘s native token ($ADA) has been consistently around one dollar, given the broader rise in the cryptocurrency market where Bitcoin‘s price approached $100,000 but later dropped to $95,000 following a correction.

As a researcher observing the crypto market, I find myself intrigued by the potential of Cardano reaching $1 for the first time since April 2022. Over the recent months, Cardano has been trailing behind other leading digital assets. However, an unexpected surge in its value earlier this month has sparked renewed interest and hope among investors.

Currently, Cardano (ADA) is being transacted at approximately $0.998, representing a 206% increase over the preceding 30 days and a 34.7% rise within the last week. As per Santiment’s on-chain analysis, traders have recently realized substantial ADA profits that are at their highest point in eight months. Moreover, social media conversations about Cardano reached an 11-month peak.

In an impressive surge over the past 17 days, Cardano’s market capitalization has more than tripled, edging it close to exceeding a $1.00 market value for the first time since April 2022. Today marked the highest daily profit realization by traders in ADA in the last 8 months. At present, online discussions about Cardano are buzzing on social media platforms.

— Santiment (@santimentfeed) November 22, 2024

I’ve noticed a significant jump in Cardano’s price lately, and it appears that this surge might be attributed to whale accumulation. As reported by cryptocurrency analyst Ali Martinez, large-scale investors (whales) holding more than $10 million worth of ADA have been actively increasing their positions over the past month by a staggering 145%. This could indicate a strong confidence in Cardano’s future potential among these influential players.

According to reports, Santiment, an on-chain analysis company, has pointed out that Cardano (ADA) appears to be separate from other altcoins as it reached a nearly 8-month peak. Furthermore, the firm stated that ADA’s price ratio compared to Bitcoin (BTC) is also at a comparable high. Notably, the last time whale trading volume was this high occurred before a substantial 26% increase in ADA’s value.

It’s clear that the surge in cryptocurrency markets, often referred to as a bull run, has positively impacted the Cardano Foundation too. According to recent disclosures, this nonprofit organization responsible for backing the Cardano ecosystem reported holding an impressive $478.24 million in assets by December 31, 2023. Out of this total, approximately 82.5% is held in ADA, while about 10.1% is invested in Bitcoin, with the remaining portions being cash and its equivalent forms.

Due to the recent surge in the cryptocurrency market, it’s likely that the value of these assets has substantially increased. For instance, if the Foundation hasn’t sold any, their ADA holdings have grown by more than 100% over the last year.

The report outlines that the primary source of income for the Cardano Foundation is through staking rewards from the ADA tokens they manage on the Cardano network. Last year, these 668.8 million ADA tokens produced an extra 20.9 million ADA, which equates to a return of approximately 3.1%.

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2024-11-25 20:51