Cardano (ADA), a decentralized finance (DeFi) asset, continues to record rising purchasing pressure while seeming to detach from the broader crypto market with a price explosion.
In fact, as of press time, Cardano’s market value was $11.31 billion, signifying a 24-hour influx of around $1.56 billion. On the daily chart, ADA’s market capitalization reached a height of $11.74 billion.
At the time of publication, ADA was trading at $0.33, with a 24-hour increase of approximately 14%, as a result of the intense purchasing demand. In the previous week, Cardano’s price increased by more than 28%.
Notably, having broken over the $0.30 resistance level, the position might serve as a significant anchor for ADA to retake the crucial $0.50 level. Nonetheless, the smart contracts asset stays in the spotlight, but its future remains questionable if investors begin taking gains.
Notably, ADA has generally moved in tandem with the broader crypto market; hence, the digital currency’s most recent strong gain remains unclear. However, the current uptrend represents a continuation of the market’s previous short-term gains.
Notably, the ADA’s momentum may be linked to a number of causes, with network expansion coming out on top. For example, the platform is seeing a persistent increase in the number of smart contracts. As of the 8th of January, there were 4,803 Plutus smart contracts, 780 of which were added in the month of December alone.
Cardano aims to continue on the momentum achieved in 2022 when almost all core network activity increased. At the same time, ADA has seen a rise in whale accumulation, with wealthy investors placing bets on the token’s potential ascent.
Moreover, as the new year progresses, additional development initiatives are anticipated to stimulate ADA’s potential profits. The network is anticipating the launching of two stablecoins within the first quarter of 2023.
The Layer-2 scalability solution Hydra, which aims to enhance transaction performance with low latency and large throughput without sacrificing the cheap gas charge, is also eagerly awaited by the community.
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