What’s Making Cardano (ADA) Price Rally Over The Likes Of Dogecoin & XRP?

In terms of value, the cryptocurrency market as a whole, including Cardano (ADA), had a turbulent year in 2022. However, in the past twenty-four hours, the trade volume for ADA has reached around $250...

In terms of value, the cryptocurrency market as a whole, including Cardano (ADA), had a turbulent year in 2022. However, in the past twenty-four hours, the trade volume for ADA has reached around $250 million, while the Cardano (ADA) price has increased by almost 7% in a day. This is mostly attributable to the purchase of enormous quantities of ADA by whales as well as the project attracting the majority of development activity last year.

The price of Cardano’s native token, ADA, has finally risen from a two-year low of $0.24, where it arrived after a prolonged four-week slide. ADA recovered a little over a third of its value in January of the new year after losing more than 25% of its value at the start of December 2022.

It’s possible that the expansion of the Cardano DeFi ecosystem was responsible for some of the positive movements in the price of ADA. According to data provided by DeFiLlama, Total Value Locked (TVL) has increased from its previous low point of $48.95 million on January 1 to its current level of $52.53 million.

Massive Whale Activity

The participation of larger ADA investors could be another factor contributing to the price increase. According to the statistics provided by WhaleStats, large BSC whales also have a significant interest in purchasing Cardano (ADA) tokens.

Cardano With Most Dev Activity

According to a report that was published by Santiment, a behavior analysis platform, Cardano ranked as the most active protocol in terms of the development activity. This was followed by Polkadot (DOT) and Cosmos (ATOM), which were ranked as the second and third most active protocols, respectively.

Given that the development activity rates in Cardano’s public GitHub repositories in November were 18% higher than those of the next-ranked asset, which recorded 572.67 produced events, the most recent data are a confirmation of its prior performance.

As things stand, the Cardano (ADA) price is currently being traded at $0.28. This represents an increase of 0.2% in the past 1 hour, in contrast to a whopping 7.3% during the last 24 hours as per crypto market tracker CoinMarketCap.

Also Read: Top 10 DeFi Lending Platforms In 2023

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now - he has seen it all.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.