Cardano (ADA) Price Surges Above 43 Cents Amid Strong Market Support
Amid a bullish outlook in the cryptocurrency market, Bitcoin BTC$81,32524h volatility:5.9%Market cap:$1.61 TVol. 24h:$97.24 B leads the trend, with top altcoins like Cardano ADA$0.6024h volatility:17.1%Market cap:$21.62 BVol. 24h:$6.44 B. ADA's price surged over 15 percent recently, trading at approximately $0.43 on November 8, 2024.
Cardano's fully diluted valuation stands at about $19 billion, with a daily average traded volume increase of 117 percent to around $1.26 billion. Technically, ADA rebounded from a critical support level above 32 cents after consolidating since early July. If the bullish trend persists, ADA could surpass $1. The weekly Relative Strength Index (RSI) has risen above 50 for the first time since April, indicating bullish sentiment. However, maintaining a close above the 50-week Moving Average is essential, as it has been a barrier in recent months.
Major Factors Driving Cardano Price Up Today
Increased investor interest has followed the success of pro-crypto candidates in the US elections. Recent rate cuts across major economies have also benefited Cardano. Additionally, global liquidity is anticipated to improve, favoring cryptocurrencies and Web3 protocols. Cardano's total value locked (TVL) increased by over $60 million since mid-September, reaching approximately $257 million. The stablecoin market on Cardano rose to about $18 million, driven by the DJED stablecoin.
Over the past 24 hours, Cardano recorded more than 37,000 active addresses in its DeFi ecosystem, with notable performers including lending platforms Liqwid, Minswap DEX, and Indigo CDP. Market intelligence platform Santiment noted a significant whale transaction volume, with 697 transactions involving addresses holding over 100,000 ADA in the last 24 hours.
Cardano developers are working on integrating Bitcoin into the DeFi sector, aiming to unlock over $1.4 trillion. Nonetheless, Cardano faces challenges in competing with other layer-one chains such as Ethereum ETH$3,21924h volatility:3.3%Market cap:$387.72 BVol. 24h:$49.32 B, Solana SOL$211.5024h volatility:5.9%Market cap:$99.92 BVol. 24h:$11.48 B, Toncoin TON$5.3724h volatility:0.6%Market cap:$13.68 BVol. 24h:$852.62 M, Tron TRX$0.1724h volatility:2.4%Market cap:$14.31 BVol. 24h:$916.31 M, and Binance Smart Chain (BSC), which have extensive user bases.