coinpedia.org
With a market cap of $39,558,480,210, Cardano is the fifth largest Layer 1 cryptocurrency. In the last 30-days, the ADA market has seen a growth of 211.1% – the highest among the top ten L1 coins. However, the current ADA price of $1.1117 is at least 178.94% lower than its all-time high of $3.101. Many believe that ADA could reach as high as $10 in the current bull cycle. Let’s examine the key factors that could influence Cardano’s potential to hit $10.
Whales and Liquidity Inflows: A Bullish Sign for ADA?
In the last 24 hours, the total transitions of whales in the Cardano market have hit at least 26.09 billion ADA. Data shows that the weekly whale accumulation has grown from 26 billion to 41.83 billion.
What this data generally suggests is: increasing liquidity.
If the current whale trend continues, it could push the ADA price higher.
Cardano’s Developer Activity and Ecosystem Growth
Many see Cardano as one of the most active Layer 1 protocols in terms of developer activity. Recently, through the Chang hard fork upgrade, it transitioned to decentralised governance, and, through the Hydra Doom testing campaign, it pushed scalability limits with community participation. The platform’s commitment to continuous improvement remains one of the reasons why it still continues to be one of the most popular Layer 1 chains.
Users’ trust in the platform may also drive the growth of ADA.
Bitcoin Correlation: A Catalyst for ADA’s Growth
Reports say Cardano has a correlation coefficient of 0.94 with Bitcoin. This implies that there is a high chance that Bitcoin’s growth could impact the price of Cardano positively.
In the last 30 days, the Bitcoin market has seen a growth of 34.2%. On November 22, the BTC market reached a new all-time high of $98,888.09. The current BTC price of $96,732.87 is just 3.377% below its $100K milestone. Bitcoin enthusiasts anticipate massive growth in the BTC market. Reports indicate that currently the market enjoys the support of institutional players. Experts predict that BTC could reach the milestone of $100K soon.
In conclusion, whale activity, developer upgrades and Bitcoin correlation may play a crucial role in the future price momentum of Cardano.