Cardano Price is ON THE MOVE To Explode? 3 BIG REASONS…

Cardano (ADA) is totally flexing its muscles. Keep your eyes peeled. Let's take a look at this ADA price prediction article in more detail.

Prasanna Peshkar

Prasanna Peshkar

February 16, 2024 6:56 AM

Cardano Price is ON THE MOVE To Explode? 3 BIG REASONS…

So, Cardano (ADA) is totally flexing its muscles this week, riding high on the whole market buzz. Right now, the ADA price is up about 4.72%, chilling at around $0.6099, and its market cap is sitting pretty at $21,621,429,546. Talk about some serious gains, huh? Over the past week, Cardano’s price shot up by a solid 14.71%, and it looks like there’s more where that came from. Keep your eyes peeled, folks! Let’s take a look at this ADA price prediction article in more detail.

So, today Cardano’s rocking a price of $0.6099, with a hefty 24-hour trading volume of $1.36 billion. Its market cap? A cool $20.61 billion, and it’s holding a market dominance of 1.04%. Not too shabby! Oh, and in the past day, ADA’s price shot up by a solid 4.85%.

Let’s rewind a bit. Cardano hit its peak on Sep 2, 2021, soaring to an all-time high of $3.10. But it’s had its lows too, like back on Oct 1, 2017, when it hit rock bottom at $0.017354. Since that peak, the lowest it’s dipped to is $0.234392 (cycle low), while its highest post-peak price was $0.676958 (cycle high).

Now, in terms of predictions, the vibe around Cardano’s price is looking bullish. And check this out, the Fear & Greed Index is showing a 72, tipping more towards greed. Looks like the future’s shining bright for ADA! 

ADA Price Prediction: Why is Cardano Price UP?

Reason 1: Cardano’s bullish vibes stem from its booming ecosystem, especially in decentralized finance (DeFi). According to the report, the total Value Locked (TVL) surged by 166% quarter-over-quarter and 693% year-over-year, thanks to partnerships with big names like Indigo and Minswap. 

Reason 2: Also, Cardano’s making waves in stablecoins, leaving traditional finance in the dust with a 673% year-on-year growth. Get ready, Cardano’s on a mission to dominate! 

Reason 3: Cardano’s gearing up for a major upgrade! Say hello to the minimal viable on-chain governance model, as outlined in CIP-1694. CIP-1694 is shaking things up with 7 types of governance actions, all needing the nod from SPOs, Delegates Representatives (DReps), or the Constitutional Committee (CC). 

ADA Price Prediction: Is Cardano a Good Buy?

Cardano went through a phase of price consolidation and took a dip to its 2024 low of $0.2406. But hey, things are looking up! Right now, it’s showing some solid growth and trading at $0.6035. And with the current bullish vibe in the market, it could be a prime time to jump on the ADA train. Prices haven’t even exploded yet, so snagging some ADA coins in the $0.60 range could be a smart move before they climb higher.

How to Buy Cardano Coin?

Bitget is a recommended platform for purchasing Cardano, known for its security and straightforward setup process. To buy ADA on Bitget, users need to register, complete KYC, deposit funds, and then they can easily trade Cardano. 

Prasanna Peshkar
Article By

Prasanna Peshkar

Prasanna Peshkar is a seasoned writer and analyst specializing in cryptocurrency and blockchain technology. With a focus on delivering insightful commentary and analysis, Prasanna serves as a writer and analyst at CryptoTicker, assisting readers in navigating the complexities of the cryptocurrency market.

Latest articles on Cryptoticker

View All

Regular updates on Web3, NFTs, Bitcoin & Price forecasts.

Stay up to date with CryptoTicker.