• Cardano Price Surges Above One Dollar On 200% 30-Day Rally: What Is Going On With ADA?

    Source: Buzz FX / 27 Nov 2024 12:25:16   America/Chicago


    Cardano (CRYPTO: ADA) is back above $1 after rallying over 200% over the past 30 days, significantly outperforming Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) in the process.





    CryptocurrencyPrice    Market Cap24-Hour Trend7-Day Trend30-Day Trend
    Cardano $1.02$35.6 Billion+8.8%+23.5%+203.9%
    Bitcoin$96,015.13$1.9 Trillion+2.4%+2.2%+39.1%
    Ethereum$3,560.54$428.8 Billion+7%+15.9%+42%




    Trader Notes: Crypto trader Dan Gambardello highlights a wave of optimism surrounding ADA, noting that many holders used this level to take profits, while others see the current consolidation as a setup for further gains.





    He sees current consolidation and redistribution phase as a healthy step, paving the way for potential future growth toward $5 and $10.





    Statistics: IntoTheBlock data shows large transactions volume and daily active addresses dropped by 12.2% and 10.7%, respectively.





    Transactions greater than $100,000 decreased from 1,914 to 1,335 in a single day. Around 70% of ADA holders are in profit.





    Crypto chart analyst Ali Martinez reported that Cardano whales purchased over $130 million worth of ADA during its recent price dip, suggesting strong institutional interest.











    Community News: Charles Hoskinson, Cardano's co-founder, likened the blockchain's development to Bitcoin’s early vision, praising its alignment with decentralization and innovation in a post on X on Tuesday.





    He also highlighted the potential of Cardano in building a DeFi-enabled Bitcoin ecosystem with technologies like Babel fees.





    Hoskinson aims to build a hybrid app ecosystem powered by DeFi-enabled Bitcoin, ensuring it remains free of greed and distractions, and they commend Bitcoin developers for advancements like Taproot.





    In another notable milestone, Cardano deployed its first zero-knowledge (ZK) smart contract, Halo2, on its mainnet. This advancement aims to reduce costs and improve proof generation and verification speeds, expanding the network's real-world applications.





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    Image: Shutterstock


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