Cardano’s native token ADA experienced an inflow in market cap of $2 billion in a week. The leading altcoin is attracting bullish sentiments as investors expect its price to shoot up in the next leg. Cardano’s market cap stood at $10.47 billion last week but gradually increased by $1.93 billion in November this week. Its market cap currently stands at $12.1 billion after experiencing a sharp double-digit spike of nearly 18% in seven days.
Cardano is getting a new use-case from the para chain network Polkadot, which announced a strategic partnership on Monday. The announcement states that Cardano’s leading developer team will use the Input Output Global (IOG), a Substrate of Polkadot’s core blockchain SDK, and the framework’s modular technology will create its ‘partner chain’ project.
The development introduces Cardano to a whole new framework of layer-1 networks to grow. Additionally, Cardano whales have sprung up this month with a notable increase in activity in the ADA token. Whale transactions in ADA increased by 30% in November signaling a bullish trend.
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ADA spiked close to 35% in the last 30 days but is now experiencing a downturn. The price dip is due to investors indulging in profit bookings and the sell-off could continue this week. It is advised to wait for further dips into ADA and take an entry position around the $0.30 or the $0.28 mark.
The global markets are currently under macroeconomic pressure due to the ongoing conflict in the Middle East. If the Israel and Palestine conflict escalates further, both the global stock and cryptocurrency markets could dip. Therefore, it is advised to do thorough research before taking an entry position into ADA at the moment.
At press time, Cardano’s native token was trading at $0.34 and is nearly 3% in the 24-hour day trade. ADA is also down close to 89% from its all-time high of $3.09, which it reached in September 2021.
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