Cardano Price Surges Above One Dollar On 200% 30-Day Rally: What Is Going On With ADA?

Cardano (CRYPTO: ADA) is back above $1 after rallying over 200% over the past 30 days, significantly outperforming Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) in the process.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend	30-Day Trend
Cardano	$1.02	$35.6 Billion	+8.8%	+23.5%	+203.9%
Bitcoin	$96,015.13	$1.9 Trillion	+2.4%	+2.2%	+39.1%
Ethereum	$3,560.54	$428.8 Billion	+7%	+15.9%	+42%

Trader Notes: Crypto trader Dan Gambardello highlights a wave of optimism surrounding ADA, noting that many holders used this level to take profits, while others see the current consolidation as a setup for further gains.

He sees current consolidation and redistribution phase as a healthy step, paving the way for potential future growth toward $5 and $10.

Statistics: IntoTheBlock data shows large transactions volume and daily active addresses dropped by 12.2% and 10.7%, respectively.

Transactions greater than $100,000 decreased from 1,914 to 1,335 in a single day. Around 70% of ADA holders are in profit.

Crypto chart analyst Ali Martinez reported that Cardano whales purchased over $130 million worth of ADA during its recent price dip, suggesting strong institutional interest.

#Cardano whales bought over 130 million $ADA during the recent price dip! pic.twitter.com/VHg93o3WP5

— Ali (@ali_charts) November 27, 2024

Community News: Charles Hoskinson, Cardano's co-founder, likened the blockchain's development to Bitcoin’s early vision, praising its alignment with decentralization and innovation in a post on X on Tuesday.

He also highlighted the potential of Cardano in building a DeFi-enabled Bitcoin ecosystem with technologies like Babel fees.

Hoskinson aims to build a hybrid app ecosystem powered by DeFi-enabled Bitcoin, ensuring it remains free of greed and distractions, and they commend Bitcoin developers for advancements like Taproot.

In another notable milestone, Cardano deployed its first zero-knowledge (ZK) smart contract, Halo2, on its mainnet. This advancement aims to reduce costs and improve proof generation and verification speeds, expanding the network's real-world applications.

Read Next: 

• Here’s How Much $100 Invested In Cardano Today Could Be Worth If ADA Hits New All-Time Highs

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