The Cardano (ADA) cryptocurrency has been a highlight this year. The altcoin, known for its robustness and innovation, is experiencing remarkable growth in both value and ecosystem development. Recent activity on the Cardano network indicates a significant increase in investor confidence, a crucial factor in its appreciation.
One of the most impressive indicators is the rise in ADA price. Over the past 30 days, Cardano’s native cryptocurrency has seen an increase of over 51%, a clear sign of growing investor interest.
This increase is corroborated by the activity of “whales” – large cryptocurrency holders – who have accumulated approximately 1.89 billion ADA, equivalent to around 600 million dollars. This behavior suggests substantial confidence in ADA’s upside potential.
Furthermore, there was a growth of more than 4,571% in entries into accounts that have more than 0.1% of the total ADA available, reinforcing the idea of an accumulation trend among significant investors. The first few days of November also witnessed a jump in high-volume ADA transactions, as reported by crypto tracker Santiment, indicating a heat up in the Cardano market.
However, ADA price was not the only one to experience an upward trend. The decentralized finance (DeFi) sector on Cardano also saw a significant increase. According to data from DefiLlama, the total value locked (TVL) in Cardano protocols has increased by 230% since the beginning of the year. This reflects a growing interest in DeFi protocols on the network, with a monthly variation of 36% to 1,407% across more than 18 protocols.
The development and activity of the Cardano network is also noteworthy. Recently, Cardano was recognized for leading among other blockchains in terms of development activities. The partnership with Polkadot, focused on increasing interoperability and scalability, is an example of Cardano’s ongoing commitment to strengthening its ecosystem.
— Santiment (@santimentfeed) November 6, 2023
All these developments are crucial for the technical analysis carried out by several traders, who are predicting an upward trajectory for the ADA price. ADA’s performance history in November also reinforces this expectation, with a combination of positive results.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.