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NFT News Today

11/11/2023

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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...

Cardano (ADA): Will The Growing Adoption Drive An Increase In Price

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 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.

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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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.

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ORIGINAL SOURCE

https://bitcoinworld.co.in/cardano-ada-w...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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