Is $10 Realistic for ADA in the Next Bull Run?
The post Is $10 Realistic for ADA in the Next Bull Run? appeared on BitcoinEthereumNews.com.
With a market cap of $39.56 billion, Cardano is firmly positioned as the fifth-largest Layer 1 cryptocurrency. Recently, ADA has experienced a remarkable surge, climbing by 211.1% in just 30 days—making it the top performer among the leading Layer 1 coins. But despite this impressive growth, ADA’s price of $1.1117 is still a long way from its all-time high of $3.101. So, could Cardano reach as high as $10 in this bull cycle? The potential is there, but what factors are truly driving this momentum? Let’s dive in. Whale Activity Signals Growing Momentum In the last 24 hours, whale transactions in Cardano have hit at least 26.09 billion ADA. Weekly data shows a substantial increase in whale holdings, jumping from 26 billion to 41.83 billion ADA. This uptick in whale activity suggests rising liquidity, which could set the stage for further price gains. If these large holders continue accumulating, ADA could see a strong upward push. Developer Activity Keeps Cardano Competitive Cardano is widely regarded as one of the most active Layer 1 networks in terms of development. The recent Chang hard fork introduced decentralized governance, while the Hydra Doom testing campaign showcased its ability to scale with community involvement. These continuous improvements enhance Cardano’s appeal and maintain user confidence, reinforcing its position as a leading Layer 1 blockchain. Bitcoin Correlation and Why It Matters Cardano has a correlation coefficient of 0.94 with Bitcoin, meaning its price often mirrors Bitcoin’s movements. In the past month, Bitcoin has gained 34.2%, hitting a record high of $98,888.09 on November 22. Currently trading at $96,732.87, Bitcoin is just 3.37% away from the $100K milestone. As institutional investors continue to back Bitcoin, many expect it to break $100K soon. This could positively impact Cardano, potentially driving ADA closer to its $10 target. Cardano’s price…
Filed under: News - @ November 30, 2024 12:19 pm