Cardano is Up 52% Since January, Will it Hit $1 Anytime Soon?

Cardano (ADA) has had quite a successful ride in 2023. Since January of this year, the asset is up by 52.94%, which is quite remarkable. Meanwhile, Bitcoin (BTC) and Ethereum (ETH), the two largest cryptos by market cap, have grown by about 63% and 56% respectively.

ADA has recently seen a spike in its trading volume. This is attributed to whales moving around 313 million ADA tokens, worth about $117.6 million. Despite the large-scale transactions, the total volume of these transactions topped 70,000. This shows the robustness of the Cardano (ADA) network. Moreover, transaction volume is up by 205% year-to-date.

However, the sharp rise in volume has not meant a positive movement for ADA’s price. The asset has seen volatility of about 4% over the last seven days.

Considering the enormous amount of ADA being transferred, the lack of price movement may indicate that whales are not liquidating their holdings. That is to say, significant ADA holders might be transferring their ADA tokens to different addresses.

Will Cardano hit $1 soon?

ADA is currently down by 87.81% from its all-time high of $3.09, which it attained in September 2021. Ever since the market crash of 2023, the asset has struggled to reclaim its previous glory. However, ADA is one of the most development-focused crypto projects out there.

Moreover, ADA is making progress on new efforts aimed at enhancing the efficiency, scalability, and security of the blockchain. Additionally, ADA is also trying to take the lead in the DeFi sector. There have been new products, which include a new stablecoin. Additionally, there have been advancements in new innovations, such as Cardano Bitcoin, a cryptocurrency token created to enable the use of Bitcoin on the ADA network. Consequently, the Cardano DeFi ecosystem has expanded.

Development activity is a solid metric to consider when determining the future value of the asset. However, ADA has often struggled to launch its products on time. Moreover, its price has rarely reacted to product launches. Nonetheless, a target of $1 is only achievable if the larger crypto market also rallies alongside. Cardano (ADA) could very well reach the $1 mark, but a lot has to happen in order for it to do so. At press time, ADA was trading at $0.376396 up by 5.2% in the weekly charts.