The price of Cardano’s native token ADA has surged more than 10% over the past week, bringing its 30-day performance to around 60% as the cryptocurrency’s adoption grows. The surge led to 38% of ADA holders sitting on unrealized gains.
According to data from IntoTheBlock, 38% of ADA holders are currently up on their investment in the cryptocurrency, partly thanks to the cryptocurrency’s price rally over the last 30 days. The rise came amid growing adoption, which is clear by the growth of its decentralized finance (DeFi) ecosystem.
Data from DeFiLlama shows that the total value locked (TVL) on Cardano’s DeFi protocols has grown from around 200 million ADA at the beginning of the year to now stand above 700 million tokens. In USD terms, the TVL grew from $50 million to $267 million at the time of writing.
Moreover, Cardano has also maintained its top stop in cryptocurrency development activity after surpassing the “blockchain of blockchains” Polkadot ($DOT) and its public pre-production environment Kusama ($KSM).
Crypto Analysts Are Bullish on Cardano
As recently reported, cryptocurrency analysts are bullish on the smart contract platform, with price predictions suggesting the cryptocurrency will rise to around $10 in 2024, up from its current level of around $0.397.
More bullish price predictions suggest the price of Cardano will explode over the next year to reach the $30 mark, with crypto analyst Lucid basing this prediction on global inflation acting as a catalyst for the cryptocurrency market’s total capitalization to grow past the $10 trillion mark.
Trader FieryTrading has made an even more optimistic prediction, suggesting a potential increase of nearly 10,000% for cryptocurrency in the next two years. This is based on the observation that the price has steadily risen after hitting a support level within a specific trading pattern.
This forecast implies that the price of Cardano could reach $35 in the future. While the outlook for Cardano in 2024 is positive, more immediate predictions indicate a modest growth.
It’s worth noting that institutional investors are showing interest in Cardano. According to CoinShares’ latest Digital Asset Fund Flows report, Cardano-based investment products attracted over $800,000 last week, bringing the total investment for the year to $8 million.
Featured image via Unsplash.
