The price of the native token of smart contract platform Cardano, ADA, has been slowly climbing over the past week to outperform a number of other cryptocurrencies, with the gain being accompanied by growing whale transactions and ADA address activity.
According to on-chain analytics firm Santiment, Cardano’s prices have climbed 36.5% over the past two weeks, while ADA address activity rose 23% in the prior three weeks. Over the same period, whale transactions surged 32% as on-chain activity accelerated.
📈 #Cardano has been the big story Thursday, with its market cap growing +9% in the past 24 hours and now +36% over 2 weeks. As usual, #onchain activity hinted at this #bullish action with $ADA address activity & whale transaction at their highest in 3+ months.… pic.twitter.com/IYBBk3ssf4
— Santiment (@santimentfeed) November 2, 2023
Cardano’s ADA, as reported, could gain as high as 43.5% in November as historical data implies that the cryptocurrency’s price could go up this month based on average returns, however its median return throughout the month suggests a likely fall of 2.5%.
An examination of ADA’s past indicates various outcomes. In the last five years it only had a positive price performance in one November, which culminated with an amazing 84% increase. This history gives ADA holders with two possibilities for November: either a huge 43.5% gain to about $0.41 per token or a decline to $0.279 per token if it follows past years’ performances.
The average ADA price increase in November, it’s worth mentioning, is significantly affected by a 311.6% jump in 2017, when the cryptocurrency market was having a big bull run.
However, historical performance is not a good sign of future outcomes, as there are many factors that can alter the outcome of any investment.
The entire value locked on Cardano’s decentralized finance (DeFi) protocols has also been on the rise, to currently surpass $215 million, up from roughly $50 million at the beginning of the year.
In ADA words, there were roughly 200 million tokens locked at the beginning of the year, and now there are 668 million ADA on the network’s DeFi protocols, according to DeFiLlama.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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