Cardano, a proof-of-stake blockchain network, is performing bullish with its native token ADA. The token noted weekly increases of almost 9% and 60% in one month. This price surge is noted due to the bullish market phase in the global crypto market.
At press time, Cardano is trading at a price of $0.405764 with a 24-hour trading volume of $618.77 Million. Cardano is up 6.11% in the last 24 hours, with a current market cap of $14.03 Billion.
The major crypto community is expecting that the price of ADA will surge by the end of this month. This assumption was made due to its increasing network adoption. Around 1,800 cryptocurrency community members pointed out that ADA prices will trade around $0.45 by the end of February. This estimate was made on CoinMarketCap’s page.
Meanwhile their price target for last month represented a 94.6% rise for ADA, that was then at $0.254 and was expected to surge to $0.495.
The development in the blockchain space also affected the price surge of ADA in recent times. As Cardano recently released its stablecoin, Djed. This Cardano-backed Stablecoin is developed by the IOG team and powered by the Fintech startup, COTI group. It recently went live on the mainnet. It can be seen that in just a single day, the Djed ecosystem ranked fourth according to TVL.
Late in January 2023, a well known crypto analyst, Ali Martinez, noted that the cryptocurrency now has a “crucial” support area in between $0.365 and $0.376 over the demand wall. It now has a “good chance of reaching higher highs,” as long as the wall holds.
In a tweet, Martinez said that “Since Cardano surpassed the $0.38 level on January 21st, roughly 31 addresses holding 100,000 to 1,000,000 $ADA have sold or redistributed their ADA tokens.”
According to the data accumulated by CoinMarketCap, the global crypto market cap is $1.09T, a 4.13% increase over the last day. The total crypto market volume over the last 24 hours is $64.47B, which makes a 40.24% increase. However, Bitcoin’s dominance is currently 42.09%, a decrease of 0.41% over the day.
Source: https://www.thecoinrepublic.com/2023/02/02/cardanos-bullish-price-movement-by-the-end-of-february-2023/