Cardano (ADA) entered 2023 with positive momentum, bringing with it the success of the best cryptocurrency protocol with development activity in 2022.
Since Dec. 30, Cardano has risen more than 30% as more cryptocurrency traders have become interested in price action, especially among large-scale investors, as 28 new addresses with 1 million ADA or more have registered on the network since the pool’s inception, according to the company. data From Santiment on January 9th.
The behavioral analytics platform noted:
“Trading volume reached its highest level in two months, including a large increase in options transactions.”
In fact, there have been 28 new whale sharks addresses with 1 million or more ADAs since the start of 2023, with the number of transactions skyrocketing.
Cardano price analysis
Notably, Coinphony reported on January 9 that $1.5 billion had flowed into Cardano in just 24 hours as decentralized finance (DeFi) assets continue to experience mounting buying pressure.
As it stands, Cardano is trading at $0.317, down 3.24% from the day but still up 24.59% over the past week, with a total market capitalization of $10.94 billion.
After breaking the $0.30 resistance, the position could act as an important pivot for ADA to recover $0.50. However, Cardano still faces uncertainty as to whether investors will start taking profits.
It’s worth noting that ADA is generally going in step with the cryptocurrency market in general; Therefore, the current bullish trend can be attributed to the recent market gains in the short term. For example, the machine learning algorithms of cryptocurrency tracking platform PricePredict predicted that the price of ADA on January 31, 2023 will stand at $0.2756, according to data obtained by Coinphony on January 6.
Upside factors for ADA
ADA’s momentum can be attributed to a variety of reasons, chief among them being the expansion of the network, as the platform is seeing steady growth in smart contracts. For example, as of January 8, the total number of Plutus smart contracts was 4,803, with 780 smart contracts added in December alone.
In addition, two stablecoins are expected to be launched on the Cardano network in the first quarter of 2023: the first is the centralized stablecoin USDA, which will be an asset backed by the US dollar. The other is the long-awaited JD stablecoin, a token co-created with Coti.
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Post-Cardano trading volume hits a two-month high as ADA election transactions surged first on Coinphony.