The post Cardano News: ADA Rises Amid DeFi Growth And ETF Speculation appeared on BitcoinEthereumNews.com.

Cardano (ADA) price is on an upward trajectory. It has grown in its DeFi sector and expects that the ETF approval will influence its future. The token also reported a Total Value Locked, which stands at $747 million, showing more growth potential. Market analysts speculate that if Cardano gains the same enthusiasm and attention surrounding XRP’s ETF approval, it may boost Cardano price to $3 in the near future. – Advertisement – Cardano’s DeFi Ecosystem Reaches New Heights Cardano DeFi market has expanded significantly within the last few months. Its total value locked (TVL) has grown to $747.28 million. It had dropped to $50 million in November 2022 due to the FTX collapse. This means that there is increased engagement with Cardano’s dApps and increased general use of the blockchain. – Advertisement – Source| DefiLlama The increase in the TVL points to a growing number of active users, with over 87,800 active addresses on the network in 24 hours. Stablecoins such as USDT have also soared, with the market cap now at $24.37 million. ETF Speculation Could Drive ADA Price to $3 Although Cardano’s DeFi expansion is significant, many recent perceptions of ADA stem from increasing anticipation that it could experience the same as XRP. Ripple has not yet gotten the green light for its spot ETF. Despite the delayed approval, XRP has seen a lot of hype around it. Analysts, including Crypto Capital Venture founder Dan Gambardello, have suggested that if Cardano receives similar attention and ETF-related news, ADA could experience a massive price surge, potentially reaching $3. Source| X Gambardello pointed out that Cardano’s ecosystem is rapidly evolving, with new decentralized applications gaining momentum and institutional interest in the blockchain growing. As the DeFi space expands on Cardano, it creates an ideal environment for increased ETF speculation. The…

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Filed under: News - @ December 4, 2024 2:19 pm