Cardano has taken center stage in the cryptocurrency world this Thursday, making headlines with an impressive surge in its market capitalization. Over the past 24 hours, Cardano’s market cap has soared by an impressive 9%, and over the last two weeks, it has witnessed a remarkable 36% increase.
According to data from Santiment, the surge in Cardano’s on-chain activity was a clear precursor to this bullish movement, with the number of ADA addresses and whale transactions hitting their highest levels in over three months.
However, as the sun sets on Friday, ADA has experienced a slight reversal. It is currently trading at $0.3168, marking a 2.43% daily increase and an almost 12% gain in the weekly chart. The trading volume over the past 24 hours has also spiked, showing a 28.89% increase and reaching $461 million.
The network’s journey through the third quarter of 2023 has been marked by significant advancements, particularly in the realms of interoperability and core infrastructure. The Cardano DeFi sector stands to benefit greatly from these developments, with expectations of increased activity and Total Value Locked (TVL).
The State of Cardano in Q3 2023 presents a host of noteworthy insights. Notably, Cardano’s stablecoin value has seen a 16% increase Quarter-over-Quarter (QoQ) and an astonishing 461% Year-to-Date (YTD) growth. Native stablecoins like iUSD initiated this momentum, but it gained further traction in Q3 with the introduction of bridged versions of USDT and USDC by Wanchain.
Cardano’s Total Value Locked (TVL) remained relatively steady on a QoQ basis but soared by 198% YTD. This impressive performance propelled Cardano’s TVL ranking among all blockchain networks from 34th at the beginning of 2023 to an impressive 15th place.
Project Catalyst Fund10 marked a significant milestone, having successfully funded 192 projects from the Cardano Treasury with a fund pool of 50 million ADA.
Cardano Price Predictions & Sentiment
Nevertheless, for those eager to glean insights from technical analysis and price predictions, as per CoinCodex, currently, the general ADA price prediction sentiment is neutral, with 21 technical analysis indicators signaling bullish signals and 12 signaling bearish signals. Over the last 30 days, ADA has seen 16 out of 30 (53%) green days, with a 7.64% price volatility, indicating the market’s dynamism.
ADA’s future price is the subject of great interest, with predictions indicating a potential rise of 2.65% to reach $0.328196 by November 7. Additionally, technical indicators suggest that the current sentiment is “Neutral,” while the Fear & Greed Index registers at 65, signaling “Greed.”
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