The altcoin Cardano has been experiencing a positive trend, following the broader cryptocurrency market’s upward movement. In the past 24 hours, the price of ADA has risen by 2.47%, reaching a trading value of $0.300, and securing a market capitalization of $10.5 billion.
On-chain data shows that the dormant Cardano coins have been on the move and the ADA whales have been accumulating once again.
As per Santiment data, Cardano has achieved a significant milestone in dormant coin activity. On Monday, the network recorded the highest movement of older wallets holding $ADA since April 2022, signifying a resurgence of coins re-entering circulation. Additionally, wallets containing 100,000 to 10 million $ADA are once again in the accumulation phase.
The ADA price rally comes on the backdrop of strong Q3 numbers registered by the Cardano ecosystem. Cardano also experienced a remarkable surge in its Decentralized Finance (DeFi) Total Value Locked (TVL) during the third quarter (Q3).
This metric showed a substantial 198% quarter-over-quarter (QoQ) increase, propelling Cardano from its previous ranking of 34 to an impressive 15. This achievement marks one of the most substantial growth periods for Cardano this year.
The growth of Cardano is further underscored by key metrics, with Average Daily Active Addresses reaching 41,137 and Average Daily Transactions totaling 60,356 for the quarter. Additionally, other important metrics, such as Average Daily DApp Transactions and Average Daily NFT Trading volume, displayed impressive figures of 49,388 and $0.6 million, respectively.
The protocol’s stablecoin value exhibited substantial growth, with a remarkable 16% increase in the Quarter-on-Quarter (QoQ) comparison and an impressive 461% surge in the Year-to-Date (YTD) period. The report highlighted that the upswing of stablecoins was initially instigated by iUSD, but subsequently, protocols like Wanchain introduced bridged versions of USDT and USDC, further contributing to this rally.
With the recent price surge, the ADA price has surged past the 200-day EMA, around $0.298. This could further intensify the buying pressure for the cryptocurrency going ahead.
With a daily RSI reading of 78%, there is a clear sign of robust bullish momentum; however, this could also be an indicator that the asset is nearing overbought conditions.
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