Cardano (ADA) has had an eventful year in terms of price action and ecosystem development. Network activity is surging, partnerships are rolling out, and the ADA price has pumped relatively well.
The timing for all of this couldn’t be better, as money has been flowing back into the broader crypto market, and a rally looks prime for action. In the case of a wider rally, we could see ADA capture a considerable part of the action, as on-chain metrics point to a strong bull run for the altcoin.
Metrics Point To Cardano (ADA) Ready For A Bull Run
The price of ADA, Cardano’s native cryptocurrency, is up over 51% in the past 30 days alone, as whales and investors started to accumulate around the $0.25 price level. According to on-chain metrics from IntoTheBlock, whales accumulated 1.89 billion ADA last month, translating to about $600 million worth, showing a boosting confidence among large holders.
A similar metric monitoring the inflows into accounts with more than 0.1% of the total supply is also up by +4,571% in the past 30 days.
The first few days of November saw a notable spike in ADA whale transactions. Data from crypto intelligence tracker Santiment shows there were more than 12,000 large transactions in the first week of November.
Transfers like this can be linked to traders taking profit from October’s bull run, but inflows into ADA wallets have increased at the same time, indicating a continued bullish rally.
ADA’s price has been very volatile in the larger timeframe. The altcoin shot up 83% from $0.2464 at the beginning of the year to reach its yearly high of $0.4518 in April. In the months that followed, it lost up the majority of these gains, bringing its price down to $0.24. However, a fresh bull run was started in October as money started to flow into the wider cryptocurrency market.
On the decentralized finance (DeFi) end of things, the total value locked (TVL) in Cardano protocols has skyrocketed 230% already this year. Data from DefiLlama shows the total TVL has gone from 198.65 million ADA at the beginning of the year.
There are now a total of 656.14 million ADA tokens worth $253.47 million staked across protocols on the network. Interest in DeFi protocols on Cardano has spiked significantly, as the one-month change on over 18 protocols ranges from 36% to 1407%.
Cardano’s backend also points to a continued rally for the altcoin. Santiment recently revealed the Cardano network is leading the way among other blockchains by development activity in the past 30 days. Cardano is also now in partnership with Polkadot as the blockchains look to increase interoperability and scalability.
Here are #crypto‘s top coins by development activity: notable #github commits, past 30d:
1 @Cardano $ADA T2 @Polkadot $DOT T2 @kusamanetwork $KSM 4 @hedera $HBAR 5 @AptosLabs $APT 6 @ethstatus $SNT 7 @chainlink $LINK 8 @cosmos $ATOM 9 @ethereum $ETH 10 @vegaprotocol $VEGA pic.twitter.com/JJiW1rH7Cy
— Santiment (@santimentfeed) November 6, 2023
All these developments in Cardano’s ecosystem support the technical analysis of various traders predicting bullish prices for ADA. ADA’s historical performance in November has mostly been a mix of outcomes.
from Bitcoinist.com https://ift.tt/hVzHKBX
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