Cardano (ADA): Will The Growing Adoption Drive An Increase In Price
Various investors frequently worry whether the price of a cryptocurrency will skyrocket soon, and while it’s impossible to predict what will happen in any market, Cardano (ADA) has seen its adoption increase...
Various investors frequently worry whether the price of a cryptocurrency will skyrocket soon, and while it’s impossible to predict what will happen in any market, Cardano (ADA) has seen its adoption increase consistently this year, implying that an increase in demand could lead to a price increase.
The price of Cardano’s native token ADA is up more than 52.8% this year and more than 50.6% in the last 30 days, following steady growth in a number of metrics, including the total value locked in its decentralized finance (DeFi) ecosystem, which increased from slightly less than 200 million ADA at the start of the year to now stand at 684.7 million ADA.
As Cardano’s DeFi ecosystem expands, initiatives within it, such as collateralized debt protocol Indigo and decentralized exchange Minswap, have seen their total value locked surpass $50 million.
Cardano has also retained its top spot in cryptocurrency development activities, surpassing the “blockchain of blockchains” Polkadot ($DOT) and its public pre-production environment Kusama ($KSM), as reported by CryptoGlobe.
Read Also: Massive Cardano (ADA) Price Prediction to $30: Is it too Outrageous?
Cardano’s development activity surpassed that of other major cryptocurrencies, according to statistics from on-chain analytics firm Santiment, with Hedera ($HBAR) trailing Polkadot and Kusama and Aptos ($APT) finishing in fifth place.
Furthermore, in the first few days of November, whale transactions in ADA exceeded the total for the entire month of October, accompanied by an increase in ADA transaction volume from 237 million to 332 million, adding to the price increase.
Cardano price predictions for November indicate that the cryptocurrency could see moderate growth for the remainder of the month, though some analysts forecast a stunning surge of over 9,000% to reach the $30 level in the future.
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