In the past 24-hours, the trading price of Cardano (ADA) has recorded a slight push. The value of the asset has surged by 0.2% in the particular period.
After experiencing the surge, the trading price of ADA has been pushed to a high of $0.378397. The rest of the cryptocurrency industry surged in a similar manner as ADA.
In the past 7 days, the trading price of ADA has surged by 8% and in the past 30 days, the trading price of the asset has increased by more than 44%.
Cardano’s Strong Rally
The reason behind the surge in the adoption level of Cardano is because of the new functionality that the protocol is aiming to launch.
It has been working on the development of a new programming language to aid smart contracts. The new functionality is proving to be very attractive for the entire Cardano community.
People are investing heavily in the asset as they want to increase their holdings and gain from it as its price surges.
Cardano Keeps Updating
Cardano is accustomed to launching one update after another. The network wants to gain huge recognition in the crypto-blockchain industry.
The aim is to increase its utility so the adoption level of the network keeps on rising. This way, the utility of the ADA tokens would rise, increasing the price of the asset in the market.
Cardano wants to offer one of the most convenient and highly advanced ecosystems to the community. For this purpose, it constantly introduces upgrades to its protocol.
One of the most prominent upgrades it introduced was Vasil which it deployed back in September 2022.
Unfortunately, as the crypto market was mainly dull, the Vasil upgrade was not able to bring in many investments in favor of ADA.
However, the latest update from Cardano has managed to bring in huge crowds in favor of ADA. It is still a layer-one network but it is safe to say that it is the most advanced layer-one network in the entire crypto industry.
For now, the adoption level of the Cardano blockchain is not much because its utility is less. This is where the updates come in as the network wants to increase its utility.
This would eventually bring in more investments into the Cardano blockchain. The network’s total value locked (TVL) would also experience a significant rise as a result of the increment in utility.
Even now, the total value locked off the Cardano platform is much less than the likes of other major networks. At present, Cardano’s TVL is worth $77 million and it has surged more than 55% since January 1.
The Cardano developers and proponents believe that the utility of ADA would witness all-time highs in the running year.
Cardano’s 44% Pump and Beyond
In the past couple of weeks, Cardano has gained a lot of momentum and the bulls have kept supporting it with all their might.
They have continued pumping funds into the protocol, which has pushed its trading price higher. ADA’s RSI has also made it over the 70 benchmark, which is an indication of an uptrend.
The RSI is in the upper bullish territory means that a strong buying rally can come into play. This may help push the trading price of ADA to higher levels.
Despite the constant push, the RSI is far from entering the overbought zone. This means that the value of the asset may continue rising without any difficulties.
The investors can continue buying more ADA to push the trading price of the asset to higher levels.
The overall valuation of Cardano currently stands at $13.2 billion, which is just 6.75% of the total market capitalization of Ethereum.
According to the analysts, if ADA’s valuation reaches up to 20% of ETH’s total valuation, then its price might have shot up to $1.15 per ADA.
Then there are the analysts who are predicting that if things keep going in favor of ADA, its price may get pushed to a high of $5.30.