Cardano (ADA) is one of the highlights of the past week. The price has risen by around 51 percent to its highest level in more than a year and a half. The popular altcoin has emerged from its shell with conviction and in this article we will provide you with comprehensive information about the price explosion.
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Cardano steals the show
Cardano opened the week at $0.3918. At the beginning of the week, Cardano price rose slowly, but from Wednesday the upward trend accelerated. It peaked yesterday when Cardano rose to an all-time high of $0.6475.
By this peak, Cardano had skyrocketed by just over 65 percent. Since yesterday afternoon, Cardano has corrected slightly and is currently at 0.592. Compared to the opening price of 0.3918, the price is currently 51.1 percent higher.
Crypto analytics platform Santiment announced on X yesterday knowledge that Cardano’s trading volume and price are at their highest levels since June 2022. The number of discussions on social media also reached a new annual high this week. As of December 9th, Cardano accounted for 4 percent of all crypto-related discussions on social media.
However, crypto analyst Ali Martinez warned his nearly 35,000 followers of a possible correction. However, he only expects a short price drop before the price can continue its upward trend.
Danger! ⚠️ Sell signals have appeared on both 3-day and 1-day $ADA charts, suggesting a possible correction of one to four candlesticks.
This may just be a short-term withdrawal #Cardano continues its upward trend! pic.twitter.com/t1e1aQLotw
– Ali (@ali_charts) December 9, 2023
Cardano enters the top 10 blockchains, DEX trading volume increases sharply
The Cardano blockchain is also experiencing excellent growth. The Total value locked (TVL), or the total value of cryptocurrencies locked in smart contracts, has reached a huge milestone of $400 million. This means that Cardano has entered the top 10 largest blockchains in terms of TVL. Data from DefiLlama shows that Cardano is currently ranked 9th, well behind Avalanche (AVAX).
Trading volume on decentralized exchanges (DEXs) reached $74.42 million last week. This represents an increase in trading volume of approximately 105 percent over last week’s trading volume of $36.32 million.
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