Since the beginning of the year, the cryptocurrency market has experienced a significant upward trend, with the total market capitalization increasing by over 37% and surpassing the $1 trillion mark in just five weeks. Cardano (ADA) has been a standout among the top performers, consistently delivering impressive gains every week as it continues to rise in value.
Since the beginning of 2023, Cardano has seen a growth of over 65% and has gone from a market price of $0.24 on January 1, 2023, to its current price of $0.40, according to Tradingview.com. Additionally, its market capitalization has increased from $8.63 billion to $13.81 billion, which has helped it maintain its spot as the 8th largest cryptocurrency globally.
The reason behind Cardano’s market increase.
Although various elements have played a role in Cardano’s growth in recent weeks, a report by Santiment, a trustworthy on-chain analytics platform, highlights the recent network transactions that have contributed to this price increase.
Santiment found that big fish and whale wallets have gathered a lot of ADA worth $405.85 million since the start of the new year. This shows that their significant investment in a short time has helped dramatically with the rise of ADA’s price this year.
Regarding these investments, Santiment also reported that ADA saw its highest daily number of transactions worth $100k or more since November 12, 2022. Historically, a sudden increase in large transactions like this often precedes significant price changes. Therefore, Cardano is a token that investors should keep a close eye on, along with other coins with similar transaction patterns, such as Shiba Inu and Hex.
In addition to the whale transactions, other factors have contributed to the rise in ADA’s price. For instance, the Total Value Locked in the Cardano DeFi ecosystem has increased by over 100% in 2023, according to DeFiilama. The value of Cardano DeFi space is currently at $102.79, the highest since August 2022.
Furthermore, there has been a lot of enthusiasm among the Cardano user base after the announcement by Cardano’s founder, Charles Hoskinson, on January 8, 2023. He revealed the opening of his Hoskinson Health & Wellness Clinic, allowing patients to pay for medical services using ADA tokens.
The forecast of the cost of Cardano (ADA) in 2023.
According to the projections made by BitNation, Cardano (ADA) is predicted to experience a high point in price, reaching $0.72 in 2023. They estimate that the same year’s average and minimum prices for ADA will be $0.69 and $0.48, respectively.
Another famous prediction source, DigitalCoinPrice, predicts an upward trend for Cardano (ADA) in 2023. They anticipate the token potentially reaching a high of $0.88, representing a 120% increase from the current market price.
It’s important to remember that these projections for Cardano’s price in 2023 are not guaranteed and should not be the sole basis for making investment decisions. All investors should thoroughly research and consider all the risks involved in the cryptocurrency market before making any investments.
