Cardano (ADA) Shows Potential to Surpass $1 Mark Amid Rising Interest

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The Essentials in Brief

Cardano (ADA) could surpass the $1 mark in March. Despite some price drops, ADA remains stable in the $0.7 range. The daily trading volume has fallen below $1 billion, but interest in the cryptocurrency seems to be increasing.

Cardano on the Rise

On March 4, Cardano recorded a notable increase of 5.77%, raising the price to $0.770. This was the first time since 2022 that ADA reached this price range. Although there were upward trends before, this particular increase drove Cardano to reclaim its highest price range in over a year.

After the significant increase, there was a substantial drop of 10% the next day, bringing the price down to about $0.69. In the following days, however, Cardano recovered and traded again in the $0.7 range. At the time of publication, the price was around $0.73, representing a slight decrease of just over 1%.

Trading Volume and Active Addresses

The analysis of Cardano’s trading volume showed higher volumes in March. ADA recorded a daily volume of over $1 billion on several days this month. In addition, the volume exceeded $2 billion on March 5 and 6, which was the first time since December 2023 that ADA reached such volume levels.

The 30-day analysis of active addresses showed a clear upward trend in the number of active addresses. Starting with over 890,000 active addresses at the beginning of the year, the number dropped slightly in February to about 700,000. At the time of publication, the number of active addresses has risen to about 915,000.

Open Interest Growing

The analysis of Cardano’s open interest showed an increase in cash inflows in the last week. Open interest peaked on March 5, exceeding $588 million. This was the highest open interest observed for ADA in over a year. At the time of publication, open interest stood at over $507 million, marking the highest level in almost a year.

Our Assessment

Given these indicators, it seems very likely that Cardano could reach the $1 mark in the near future. The increase in trading volume, active addresses, and open interest point to a growing interest in ADA. However, it remains to be seen how the market will continue to develop.

Sources: AMBCrypto, Santiment, Coinglass, Trading View.

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Casinos: 24
Profile Cardano
Symbol ADA
Coin type Alt Coin
Transaction Speed High
Pros
  • Significantly more anonymous than Bitcoin, for example
  • Science-based development, secure and stable
Cons
  • Newer cryptocurrency, lack of distribution
  • Development not yet complete
Price 0,39 €
Percent Change 24h 0,69 %
Percent Change 7d -6,01 %
Percent Change 30d -13,90 %
Percent Change 60d -4,34 %
Percent Change 1y 59,13 %
Market Cap 13.701.869.598,00 €
Max. Supply 45.000.000.000
Official Links
Socials Reddit | X | Message Board
Best 3 Cardano casinos

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Last update: 11. June 2024

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