Cardano (ADA) Price Surges 12% In Pursuit of $1, Major Rally Coming?
Highlights
- Analysts say Cardano rally overdue, expects bullish targets of $4.
- The Cardano Treasury crosses $1 billion in size making a major mark.
Cardano’s native cryptocurrency, ADA, has entered the altcoin rally, surging by 12.5% in the past 24 hours. Currently, the price of Cardano (ADA) stands at $0.7564, with a market capitalization of $26.8 billion. This recent uptick suggests a potential rally for ADA, with expectations set for the price to reach $1.
Why Is Cardano (ADA) Price Rallying?
The recent surge in the ADA price comes amid strong network growth and developments taking place in the Cardano ecosystem. The Cardano Treasury has surpassed the $1 billion mark, marking a significant milestone. This achievement underscores the importance of the treasury as a cornerstone of a self-sustaining ecosystem. Its decentralized structure ensures that decisions are driven by ADA holders, thereby strengthening democratic governance and decentralization principles.
The Cardano treasury, the economic war chest of the protocol that is filled partially by a portion of fees earned every epoch, has passed $1 billion in size.
— ADA whale (@cardano_whale) March 1, 2024
Last week, Cardano, ranked eighth globally in market capitalization, reached a significant milestone by recording its 10 millionth block. The anticipation of this historic event was initially raised by a tweet from a Cardano user, Stakewithpride, on February 29. On March 1, the anticipated milestone was achieved, as confirmed by the Cardano explorer, Adastat, which tallied the Cardano network‘s blocks to be 10,000,224.
In the past month, Cardano also experienced a notable surge in the establishment of new wallets, a significant indicator of growing interest and engagement within the network’s ecosystem. According to data from Cardano Blockchain Insights, there was a remarkable spike of almost 90% in wallet creation within a single 24-hour period, specifically between February 22 and February 23.
ADA Price Action Ahead
Crypto Capital Venture, an analyst, recently provided insights into the current state of the cryptocurrency market, with particular emphasis on Bitcoin and Cardano (ADA). The analyst drew comparisons to historical data, highlighting that during the previous bull run, Bitcoin reached $66,000, while ADA surpassed $1. Additionally, the analyst discussed a bullish indicator identified on the weekly ADA chart, hinting at a potential uptrend in the near future.
During a recent discussion centered on Cardano (ADA), enthusiasts enthusiastically debated the possibility of ADA reaching $4 or even $6 within the ongoing bullish cycle.
$ADA was at $1.98 the last time $BTC was at 60k. It’s currently at $0.68.
Is the cause for concern, or is Cardano winding up for an insane rally?
— TheInvestronaut ® (@TheInvestronaut) February 29, 2024
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