Cardano (ADA) Price Increased 12% Chasing $1, Is There a Big Rise Coming?
cardano‘s native cryptocurrency, ADA, entered the altcoin rally, increasing by 12.5% in the last 24 hours. Currently, the price of Cardano (ADA) is $0.7564 and its market value is $26.8 billion. This latest rise points to a potential upside for ADA, with expectations for the price to reach $1.
Why is Cardano (ADA) Price Rising?
The recent increase in ADA price comes amid strong network growth and developments in the Cardano ecosystem. Cardano Treasury has reached a major milestone, surpassing $1 billion. This achievement underscores the importance of treasure as the cornerstone of a self-sustaining ecosystem. Its decentralized structure strengthens the principles of democratic governance and decentralization by ensuring that decisions are made by ADA holders.
Cardano, which ranked eighth globally in market capitalization last week, reached a major milestone by recording its 10 millionth block. The expectation for this historic event was first raised in a tweet by Cardano user Stakewithpride on February 29. On March 1, the expected milestone was reached when Cardano explorer Adastat calculated blocks of the Cardano network. 10,000,224.
Over the past month, Cardano has also experienced a notable increase in the creation of new wallets, which is an important indicator of growing interest and participation in the network’s ecosystem. Specifically, between February 22nd and February 23rd, there was a remarkable increase of almost 90% in wallet creations in a single 24-hour period, according to data from Cardano Blockchain Insights.
ADA Price Action Ahead
Crypto Capital Venture, an analyst, recently provided insight into the current state of the cryptocurrency market, with particular emphasis on Bitcoin and Cardano (ADA). By making comparisons with historical data, the analyst emphasized that during the previous bull run, Bitcoin reached $66,000, while ADA exceeded $1. Additionally, the analyst also mentioned a bullish indicator identified on the weekly ADA chart, indicating a potential uptrend in the near future.
During a recent discussion centered on Cardano (ADA), enthusiasts enthusiastically discussed the possibility of ADA reaching $4 or even $6 within the ongoing bullish cycle.
$ADA was last $1.98 $BTC What’s in 60k? It’s currently at $0.68.
Is this a cause for concern, or is Cardano poised for a wild rally?
pic.twitter.com/yQqdhKqAyQ
— TheInvestronaut ® (@TheInvestronaut) February 29, 2024
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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