The price of the native token of smart contract platform Cardano, ADA, has been steadily rising over the past week to outperform a number of major cryptocurrencies, with the rise being accompanied by growing whale transactions and ADA address activity.
According to on-chain analytics firm Santiment, Cardano’s prices have risen 36.5% over the past two weeks, while ADA address activity rose 23% in the last three weeks. Over that same period, whale transactions rose 32% as on-chain activity surges.
Cardano’s ADA, as reported, could rise as much as 43.5% in November as historical data suggests that the cryptocurrency’s price could go up this month based on average returns, although its median return over the month suggests a potential decline of 2.5%.
A review of ADA’s past reveals varied outcomes. In the last five years it only had a positive price performance in one November, which concluded with an impressive 84% increase. This history presents ADA holders with two possibilities for November: either a notable 43.5% climb to roughly $0.41 per token or a decrease to $0.279 per token if it follows previous years’ performances.
The average ADA price increase in November, it’s worth noting, is heavily influenced by a 311.6% rise in 2017, when the cryptocurrency market was undergoing a significant bull run.
However, past performance is not a reliable indicator of future results, as there are many factors that can affect the outcome of any investment.
The total value locked on Cardano’s decentralized finance (DeFi) protocols has also been on the rise, to now hit $215 million, up from around $50 million at the beginning of the year.
In ADA terms, there were around 200 million tokens locked at the beginning of the year, and now there are 668 million ADA on the network’s DeFi protocols, according to DeFiLlama.
Featured image via Unsplash.
