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Cryptopotato

12/14/2023

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Here's Why the Cardano (ADA) Price is Up Over 70% in Two Weeks

TL;DR ADA, Cardano’s token, has seen a 75% surge in the past 14 days, currently trading around $0.65, benefiting from the overall bullish trend in the crypto market. The global crypto market cap reached...

Here's Why the Cardano (ADA) Price is Up Over 70% in Two Weeks

TL;DR

  • ADA, Cardano’s token, has seen a 75% surge in the past 14 days, currently trading around $0.65, benefiting from the overall bullish trend in the crypto market.
  • The global crypto market cap reached $1.7 trillion, suggesting a potential bull run, with Bitcoin surpassing $44,000 for the first time since spring 2022.
  • ADA’s on-chain metrics show a significant increase in total value locked and transaction volume, with 56% of ADA holders currently in profit, up from 35% less than a month ago.

ADA Rides Along the Green Market

Cardano’s native token – ADA – has made a serious splash in the cryptocurrency sector, being one of the best performers lately. Its price has been rapidly climbing since the beginning of December, registering an impressive 75% surge in the past 14 days. Currently, ADA trades at around $0.65 (per CoinGecko’s data), or 12% more than yesterday’s valuation.

One factor that might have played a role in the asset’s success could be the bullish condition in the entire crypto realm. Recall that many leading cryptocurrencies have exploded to yearly highs at the beginning of December.

Bitcoin (BTC) surpassed $44,000 for the first time since the spring of 2022, and despite the brief correction to around $41,000, it headed north once again, exceeding the $43K level.

In addition, the global cryptocurrency market capitalization reached $1.7 trillion, hinting that a massive bull run might be on the horizon.

Taking a Closer Look at ADA On-Chain Metrics

Another element that could have attributed to ADA’s price rise as of late could be the soaring total value locked on the blockchain network. According to DefiLlama data, TVL on Cardano exceeded $430 million today (December 14). In comparison, that figure was a mere $50 million at the start of 2023.

Cardano’s latest price jump seems to have benefited some holders. According to IntoTheBlock, 58% of those who have invested in the asset currently sit on paper profits. Less than a month ago, that percentage was around 35%.

Those curious to check some of the most recent ADA price predictions could take a look at our dedicated video below:

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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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