The Cardano network has grown to a highly decentralized web3 ecosystem backed by a vibrant community of investors and DeFi developers.
Amid the ongoing crypto bullish outlook, led by Bitcoin BTC $84 885 24h volatility: 0.9% Market cap: $1.69 T Vol. 24h: $19.12 B , the top-tier altcoins led by Cardano ADA $0.62 24h volatility: 0.9% Market cap: $22.18 B Vol. 24h: $446.06 M have registered palpable gains in the past few days. According to the latest market data, ADA price surged over 15 percent in the past 24 hours to trade at about $0.43 on Friday, November 8, 2024, during the mid-London session.
The large-cap altcoin, with a fully diluted valuation of about $19 billion, registered a 117 percent spike in the daily average traded volume to around $1.26 billion at the time of this report. From a technical analysis standpoint, ADA’s price has successfully rebounded from a crucial support level above 32 cents after consolidating since early July this year.
If the crypto bullish outlook continues in the coming weeks, which is the most likely outcome, ADA price could easily rally above $1. Moreover, ADA’s weekly Relative Strength Index (RSI) has surged above the 50 percent level for the first time since April this year, signaling the return of bullish sentiment.
However, the ADA price must consistently close above the 50-weekly Moving Average (MA), which has been a major hindrance in the past few months.
Major Factors Driving Cardano Price Up Today
Cardano network has attracted more investors in the recent past following the resounding victory of pro-crypto US candidates, led by President-elect Donald Trump. The altcoin has also significantly benefited from the recent rate cuts in the UK, Europe, Canada, and the United States. Furthermore, global liquidity is expected to gradually increase and continually favor the cryptocurrency market amid the mainstream adoption of digital assets and web3 protocols.
The Cardano network has seen its total value locked (TVL) spike by over $60 million since mid-September to about $257 million at the time of this report. Additionally, Cardano’s stablecoin market has surged to about $18 million led by the decentralized algorithmic projects dubbed DJED stablecoin.
In the past 24 hours, the Cardano network registered more than 37k active addresses in the DeFi ecosystem. The best DeFi performers on the Cardano network include lending platforms Liqwid, Minswap DEX, and Indigo CDP, among others.
🚀 Cardano has been one of the notable surprise altcoins taking flight during this crypto-wide pump. Now up over +25% in the past 3 days, we may be seeing some retail FOMO coming soon. This has been a long time coming for the patient ADA community. pic.twitter.com/Ph2ZFFKnIU
— Santiment (@santimentfeed) November 8, 2024
According to market intelligence platform Santiment, the Cardano network registered the highest whale volume since early September. Specifically, 697 whale transactions involving addresses holding more than 100k ADA were recorded in the last 24 hours.
The Cardano’s core network developers have been working on making Bitcoin usable in the DeFi sector, thus unlocking more than $1.4 trillion. Nonetheless, the Cardano network faces an uphill task of competing with other layer one chains, led by Ethereum ETH $1 583 24h volatility: 0.0% Market cap: $190.98 B Vol. 24h: $8.11 B , Solana SOL $134.3 24h volatility: 2.2% Market cap: $69.34 B Vol. 24h: $3.94 B , Toncoin TON $2.94 24h volatility: 1.3% Market cap: $7.37 B Vol. 24h: $140.81 M , Tron TRX $0.25 24h volatility: 1.2% Market cap: $23.52 B Vol. 24h: $775.29 M , and BSC, which have a huge number of global users.
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