Cardano

PancakeSwap

Bitcoin ETF

Bitcoin

Read

The value of Cardano has been on an upward trajectory in November, with whale investors significantly contributing to this rally, as indicated by on-chain data.&nbsp; 
On Nov. 5, the price of Cardano (<a href="https://crypto.news/price/cardano/" target="_blank" rel="noreferrer noopener">ADA</a>) escalated by 7.5% to $0.348808, marking the highest level in roughly four months.&nbsp; 
According to <a href="https://www.coingecko.com/en/coins/cardano" target="_blank" rel="noreferrer noopener">data</a> from CoinGecko, ADA’s price surged 18% over the past week. The surge was possibly driven by the Cardano Summit 2023, which took place from Nov. 2-4. 
Similarly, in the last fortnight, ADA prices shot up by 33.3%, a feat accompanied by a 9% growth in the coin’s market capitalization as <a href="https://t.co/q7Ds4y6ept" target="_blank" rel="noreferrer noopener">observed</a> by on-chain analytics platform, Santiment. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 📈 <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Cardano</a> has been the big story Thursday, with its market cap growing +9% in the past 24 hours and now +36% over 2 weeks. As usual, <a href="https://twitter.com/hashtag/onchain?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#onchain</a> activity hinted at this <a href="https://twitter.com/hashtag/bullish?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#bullish</a> action with <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ADA</a> address activity &amp; whale transaction at their highest in 3+ months.… <a href="https://t.co/IYBBk3ssf4" target="_blank">pic.twitter.com/IYBBk3ssf4</a>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1720160495762915827?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 2, 2023</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
The same improvement was noted in Cardano’s monthly price movement, with the coin registering a 30.1% uptick in that period, per CoinGecko.&nbsp; 
 You might also like: <a href="https://crypto.news/cardano-grows-36-in-the-past-two-weeks-6th-in-gainers/"> Cardano grows 36% in the past two weeks, 6th in gainers </a> 
Analysts feel factors such as increases in <a href="https://crypto.news/significant-whale-stir-up-xrp-and-bitcoin-market/" target="_blank" rel="noreferrer noopener">whale</a> and decentralized finance (defi) activities may have contributed to boost Cardano prices. 
The latest data from <a href="https://defillama.com/chain/Cardano?currency=ADA" target="_blank" rel="noreferrer noopener">DeFiLlama</a> indicates that ADA’s total value locked (TVL) has risen to $235.1 million, which marks a 39% increase over the last 30 days. 
Interestingly, four of ADA’s most significant defi projects, Indigo, Minswap, Liqwid, and Optim Finance, have all recorded growth in the past four weeks, coinciding with the coin’s price increase. 
Similarly, data from Santiment shows a significant increase in whale transactions. On Nov. 4, ADA transactions valued at more than $1 million were more than 1,740, the highest since the early days of 2022. 
<figure class="wp-block-image">
 <img decoding="async" loading="lazy" width="1600" height="1002" src="https://crypto.news/app/uploads/2023/11/image-2.png" alt="Cardano price rallies 18% in 7 days, attains four-month high - 22" class="wp-image-14212333">
 <figcaption class="wp-element-caption">
 ADA whale transactions | Source: Santiment
 </figcaption>
</figure> 
The surge was accompanied by a decrease in Cardano’s daily active addresses, suggesting a solid buying sentiment among the token’s biggest holders. 
The price improvement also aligns with a general market recovery that began on Oct. 19 when Grayscale Investments <a href="https://crypto.news/grayscale-makes-new-attempt-for-spot-bitcoin-etf-approval/" target="_blank" rel="noreferrer noopener">reapplied</a> for its Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). From that point, the price of ADA climbed over 40%. 
<figure class="wp-block-image size-large">
 <img decoding="async" loading="lazy" width="1024" height="1024" src="https://crypto.news/app/uploads/2023/11/chart-7-1-1024x1024.png" alt="Cardano price rallies 18% in 7 days, attains four-month high - 23" class="wp-image-14212332">
 <figcaption class="wp-element-caption">
 ADA price chart | Source: CoinGecko
 </figcaption>
</figure> 
Additionally, ADA has <a href="https://cryptorank-images.s3.eu-central-1.amazonaws.com/snapshots/1b600b811a27be9edb92cf74.png" target="_blank" rel="noreferrer noopener">historically</a> done well in November, scoring an average return of 44.7% since 2017. 
The token’s price recently exceeded the 200-day Exponential Moving Average (EMA), aligning the technicals to boost ADA demand. 
 Read more: <a href="https://crypto.news/pancakeswap-surges-92-as-defi-tokens-record-outsized-price-increases/"> PancakeSwap surges 92% as defi tokens record outsized price increases </a>

Cardano price rallies 18% in 7 days, attains four-month high

crypto.news

Autres articles publiés le 5 nov. 2023

Aave Enacts Strategic Freeze to Fortify Defi Security Landscape!

Goldman Sachs: A Former Executive’s Exciting Predictions on Crypto Coins

Security breach unveiled: Monero’s CCS wallet drained of $460,000

DeFi Lending Protocol Aave Shuts Several Markets After Uncovering Issue

CFTC Proposes Regulatory Updates for FCMs and DCOs, Examines Unique Model of LedgerX

Fake Ledger Live App Infiltrates Microsoft Store – $588K Stolen

Join our free newsletter for daily crypto updates!