Altcoin
Cardano (ADA) Price Eyes Breakout as Network Activity Soar
Cardano (ADA) price is in the spotlight as the prospect of the coin skyrocketing to a high of $10 resurfaces on social platforms. Backed by the positive shift in network activities, Cardano is now one of the most promising altcoins in the top 10 with bullish momentum as of writing. Amid the ongoing rebound, Cardano’s price has pared off some of its losses picked up from the volatility this week.
Cardano Network Activity Sees Uptick
According to data from Santiment, an ADA whale entered the market when its price briefly jumped to $1.13. The crypto analytics platform said this whale activity has been the most significant for three months. These whales represent transactions valued at $100,000 in ADA.
Per the accompanying chart, as of March 4, the Cardano network has recorded 1,132 whale transaction counts. The Mean Dollar Invested Age came in at 529.05. In all, the network recorded 2,671 unique $100,000 transactions as the price jumped above $1.13
Alongside this uptick, Santiment noted that the sudden uptick in transactions worth $100,000 sparked a drop in the average age of Cardano now in wallets. This trend has an upside. It implies a jump in the number of ADA tokens in regular circulation.
Cardano Price and the $10 Prospect
At the time of writing, the ADA price was $0.9369, up 9.82% in the past 24 hours. The coin has traded in a very close range, from a low of $0.7684 to a high of $0.9502.
Compared to an earlier ADA price analysis, in which the coin jumped 80%, the market remains cautious. However, the coin has the right fundamentals that might push it to a high of $10.
Beyond the retained 35% growth over the past 7 days, Cardano’s open interest has skyrocketed by over 6% in 24 hours. Per Coinglass data, the coin’s futures open interest is 905.62 million ADA, worth over $842.04 million. A sustained boost in this metric might support the quest to breach higher price levels.
ADA Price and ETF Catalyst
The onchain enhancements spearheaded by Charles Hoskinson, like the push for Cardano to track government spending and the prospect of a Cardano ETF product, also boost ADA price sentiment. The United States Securities and Exchange Commission (SEC) has acknowledged Grayscale’s application for an ADA ETF.
This acknowledgment places the coin on the list of altcoins awaiting official feedback from the SEC for approval or disapproval. Cardano pioneered decentralized governance with the Plomin hard fork and embodies an asset that may lead the next altcoin season.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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