Cardano’s price has surged a lot in the past few days, increasing by 50% compared to last week. Why is this happening, and is it possible for the ADA token to reach $10 by 2024? Let’s take a look at this Cardano price article in more detail.
How has the Cardano price moved in recent days?
As of now, the Cardano price stands at $0.553084, with a 24-hour trading volume of $2.15 billion. The market cap is $18.71 billion, and Cardano holds a market dominance of 1.20%. Over the last 24 hours, the ADA price has decreased by -4.87%.
Cardano reached its peak on September 2, 2021, hitting an all-time high of $3.10. The lowest price in its history was recorded on October 1, 2017, at $0.017354. Following its all-time high, the lowest price since then was $0.223375 (cycle low), and the highest ADA price reached since the last cycle low was $0.646060 (cycle high).
The current sentiment for Cardano’s price prediction is neutral, and the Fear & Greed Index indicates a value of 65, which signifies “Greed.”
In terms of supply, there are currently 33.82 billion ADA in circulation out of a maximum supply of 45.00 billion ADA. Cardano holds the third position in the Proof-of-Stake Coins sector and is ranked sixth in the Layer 1 sector based on market cap.
Cardano’s (ADA) price experienced a significant gain in the past few days, rising by over 50% in the last week. Despite facing challenges in recent weeks, Cardano has outperformed most other major altcoins and even Bitcoin in terms of percentage increase.
The ADA Token went through a tough period, experiencing a decline of almost 90% from its all-time high in 2022. While Bitcoin’s value kept rising throughout 2023, Cardano only saw a temporary recovery. The recent weeks didn’t bring much profit, but the situation has changed in the last few days.
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What is the reason behind ADA’s growth?
The Altcoin rally followed the substantial increase in Bitcoin’s price in recent days and weeks. While Solana, for instance, experienced a significant surge in recent weeks, the Cardano value fell somewhat below expectations.
Nonetheless, the recent days indicate that there is still significant growth potential for Cardano. The ADA rate could once again aim for the $1 mark. This suggests that the Cardano value was greatly underestimated during the bear market.
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Will Cardano Price Reach $10 in 2024?
Cardano (ADA) has exhibited a robust performance over the last year, with an impressive 82% increase in its price. This growth places Cardano in the upper echelons of the cryptocurrency market, outperforming 65% of the top 100 crypto assets during this period.
A notable indicator of its positive trajectory is that it is currently trading above the 200-day simple moving average, suggesting sustained upward momentum. The positive performance in comparison to its token sale price further underscores the project’s value appreciation. Over the last 30 days, Cardano has witnessed 18 green days, constituting 60% of the period, indicating a predominantly bullish trend.
Additionally, the cryptocurrency maintains high liquidity, as evidenced by its substantial market cap, reinforcing its position as a prominent player in the crypto space. These trends collectively suggest a favorable outlook for Cardano, and its current trajectory may continue to attract investor interest in the foreseeable future.
The upward trend in the Cardano value might just be beginning. Following the substantial gains in recent days, it could potentially reach the $1 mark in the coming weeks before the year concludes.
Many possibilities exist, particularly in 2024. If Bitcoin achieves new all-time highs in the upcoming year, the hype could propel the Cardano value to new peaks. The current all-time high is $3, and a tripling appears achievable in the upcoming bull market, potentially even in 2024.
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Source: https://cryptoticker.io/en/cardano-price-reach-10-2024/