TL;DR
Cardano’s native token – ADA – has made a serious splash in the cryptocurrency sector, being one of the best performers lately. Its price has been rapidly climbing since the beginning of December, registering an impressive 75% surge in the past 14 days. Currently, ADA trades at around $0.65 (per CoinGecko’s data), or 12% more than yesterday’s valuation.
One factor that might have played a role in the asset’s success could be the bullish condition in the entire crypto realm. Recall that many leading cryptocurrencies have exploded to yearly highs at the beginning of December.
Bitcoin (BTC) surpassed $44,000 for the first time since the spring of 2022, and despite the brief correction to around $41,000, it headed north once again, exceeding the $43K level.
In addition, the global cryptocurrency market capitalization reached $1.7 trillion, hinting that a massive bull run might be on the horizon.
Another element that could have attributed to ADA’s price rise as of late could be the soaring total value locked on the blockchain network. According to DefiLlama data, TVL on Cardano exceeded $430 million today (December 14). In comparison, that figure was a mere $50 million at the start of 2023.
Cardano’s latest price jump seems to have benefited some holders. According to IntoTheBlock, 58% of those who have invested in the asset currently sit on paper profits. Less than a month ago, that percentage was around 35%.
Those curious to check some of the most recent ADA price predictions could take a look at our dedicated video below:
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