ADA Price Up 4.5% In 24 Hours: Why Is Cardano Going Up?

Cardano (CRYPTO: ADA) is up 4.5% over the past 24 hours, boosted by altcoins enjoying bullish sentiment.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Cardano (CRYPTO: ADA)	$1.05	$37.4 billion	+4.5%	+8%
Algorand (CRYPTO: ALGO)	$0.39	$327 billion	+30%	+62%
Ripple (CRYPTO: XRP)	$1.70	$96.6 billion	+15%	+14.5%

Trader Notes: Crypto trader Brandon Hong noted in a post on X on Friday that Cardano offered traders an entry of around 80 cents.

From current levels, he anticipates ADA to push higher to $1.20 and, if that level is successfully reclaimed, possibly to $1.60 or further.

Pseudonymous trader Ssebi also targets $1.25, while trader Altcoin Scholar sees a chart pattern playing out that could possibly take ADA to $2 in the long run.

Community News: Digital asset manager Bitwise on Nov. 27 submitted an application for an exchange-traded fund (ETF) based on its existing 10 Crypto Index Fund.

Cardano holds a weight of 0.70% in the index fund.

Cardano co-founder Charles Hoskinson highlighted a tweet from a community member, showing that Cardano handles one-quarter to one-half of the transactions of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) while trading at under 10% of their valuation.

The community member pointed out that Cardano is “one of the most organic chains out there.”

Daily transactions, 25 Nov

Bitcoin 605k
Ethereum 1292k
Cardano 322k

ADA does 25%-53% the transactions of BTC and ETH at 2%-8% the market cap

These are the most organic chains out there, VC chain figures of hugely different magnitude can be considered unreliable or meaningless

— whale (@cardano_whale) November 27, 2024

Another notable milestone was when Cardano deployed its first zero-knowledge (ZK) smart contract, Halo2, on its mainnet.

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