Cardano (ADA) has been in the spotlight in the cryptocurrency market lately, with a surprising price rise and an increase in network activity.
Cardano price hit a new four-month high, reaching $0.35. This increase is reported to be due to strong activity from large investors and the rise of decentralized finance (DeFi) in general.
According to data from CoinMarketCap, ADA is currently trading at $0.35, after recording an increase of over 4% in the last 24 hours and an impressive 18% increase in the last week. These numbers reflect the growing interest in ADA and its potential for further growth.
Data Shows a Significant Increase in Cardano Network Activity
Notably, 1,742 Cardano transactions worth over $1 million were recorded on Saturday, a new record since January 2022. Interestingly, this happened as the number of daily active ADA addresses decreased.
Data from Santiment suggests that wealthier Cardano investors are accumulating more tokens, while the general investor community appears to be holding on to their holdings. This trend is notable, especially when considering the impressive ADA price growth in the last month, which is over 30%.
In addition to the price increase, Cardano is also seeing growth in the decentralized finance (DeFi) space. According to data from DeFiLlama, the total value locked (TVL) on the Cardano network has reached $236.72 million, representing a 39% increase in the last 30 days.
This reflects increasing utilization of the Cardano network among DeFi users. It is relevant to note that some of Cardano’s most popular DeFi projects, such as Liqwid, Minswap, Optim Finance and Indigo, have registered a significant increase in their activity.
Cardano’s transaction volume has also seen a notable increase, reaching 332.08 million transactions, compared to 237.63 million previously. This trading volume marks a three-month high and reinforces the bullish sentiment regarding ADA price.
Various experts in the cryptocurrency space have come up with various price projections for Cardano. Analyst John Morgan has offered mixed scenarios for ADA in November, with a bullish scenario suggesting an increase to $0.41.
This would be based on an increase in TVL and possible upgrades from the parent company, Input Output Global (IOG). Although ADA has not yet reached the bullish scenario, recent events suggest that this optimistic outlook could be more likely than the neutral or bearish scenarios.
