Cardano (ADA) Records 13% Price Gains In 24 Hours, Is $2.20 Possible Again?

Best Owie

1 year ago

3 mins read

picture of a bull on a green upward chart

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Cardano’s (ADA) price has made a splash on the charts this week. The asset’s success lately can be attributed to the growing interest in the upgrade that would see smart contracts be a reality on the blockchain. Cardano’s (ADA) price has also followed the run-up that the market has experienced lately. Sentiments across the crypto market continue to skew towards buy and Cardano (ADA) is not getting left out of the bull rally.

The asset’s price had been struggling lately as momentum had slowed down. But the successful Alonzo White Hard Fork had brought some much-needed faith back into the asset. Prices have been unpredictable for a while. A small uptrend in the price put ADA in the $1.5 price range. The movement continued to remain low following this.

Furthermore, this was a welcome change from the $1.05 price point that the digital asset price had hit towards the end of July. This weekend showed small recoveries in the price of ADA. But the real movement has taken place in the past 24 hours. Putting ADA’s price at a point it has not seen in over two months.

Cardano (ADA) Gets Listed In Japan

Cardano (ADA) recently received approval to be listed in Japan early this month. The approval is considered to be one of the hardest listing approvals to get in the crypto market. Opening up the Cardano (ADA) market to over 100 million people who were previously unable to access this asset.

Cardano (ADA) checked all of the boxes required to be listed in Japan, a country that takes its cryptocurrency laws very seriously. Only a handful of cryptocurrencies have been approved to be listed on exchanges in Japan, including Bitcoin and Ethereum.

This listing put the digital asset on track to grow in value given the number of potential investors that this meant for the project. At the time of listing, the digital asset had not reacted much to the news. Probably owing to the decreased momentum in the crypto market at that point. Now, the broader market seems to be catching up with ADA.

Run-Up To $2.20 Imminent?

The current run-up puts the price of Cardano (ADA) on a track to a complete bull run leading to a new all-time high price. Continuous upwards movement shows that the rally is not losing steam at any time soon. Dips following the increase in price have been tiny, which have in turn led to an even higher price movement upwards.

ADA price moves breaks $1.70 | Source: ADAUSD on TradingView.com

Indicators continue to point to major bullish sentiment surrounding the asset. An asset that has over 70% of its entire circulating supply staked ahead of the upgrade that brings smart contracts to the network. Investors remain faithful as hold sentiments continue to climb across the community.

Cardano (ADA) is currently trading at $1.7842 at the time of this writing, moving closer to $2.0. The market cap currently sits at $57 billion, up 13% in the past 24 hours, with a fully diluted market cap of $80 billion.

Featured image from Fintechs.fi, chart from TradingView.com

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.