{"id":518704,"date":"2023-02-05T14:22:59","date_gmt":"2023-02-05T14:22:59","guid":{"rendered":"https:\/\/wncen.com\/?p=518704"},"modified":"2023-02-05T14:22:59","modified_gmt":"2023-02-05T14:22:59","slug":"cardano-ada-up-by-over-65-in-2023-heres-why","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/cardano\/cardano-ada-up-by-over-65-in-2023-heres-why\/","title":{"rendered":"Cardano (ADA) Up By Over 65% In 2023 – Here\u2019s Why"},"content":{"rendered":"

Following the turn of the new year, the crypto market has had a strong bullish run, with the market\u2019s total cap surging over 37% and exceeding the $1 trillion mark in just five weeks. Cardano (ADA) has been one of the best-performing tokens of the year, recording massive profits weekly as it maintains an upward trajectory.<\/span><\/p>\n

Since the start of 2023, Cardano has gained by over 65%, moving from $0.24 on January 1, 2023, to its current market price of $0.40 based on data from <\/span>Tradingview.com<\/span>. During this period, Cardano\u2019s market cap also boosted from $8.63 billion to $13.81 billion, allowing the token to retain its position as the 8th biggest cryptocurrency in the world.<\/span><\/p>\n

\"Cardano\"<\/p>\n

ADA Market Cap at $13.81 | Source: ADA Chart on Tradingview.com.<\/a><\/span><\/p>\n

Related Reading: Craig Wright Wants His $2.5 Billion, Demanding For a Bitcoin Hard Fork<\/a><\/div>\n

Behind Cardano\u2019s Market Surge<\/span><\/h2>\n

While many factors have influenced Cardano\u2019s rise in the last few weeks, credible on-chain analytics platform Santiment has presented a report<\/a> explaining recent network transactions driving this price rally.<\/span><\/p>\n

According to Santiment, there has been an accumulation of $405.85 million worth of ADA by key sharks and whales’ wallets since the beginning of the new year. This report indicates that this massive investment in ADA within a short time frame has contributed significantly to the token\u2019s price gain in 2023.<\/span><\/p>\n

\"Cardano\"<\/p>\n

Source: Santiment<\/a><\/p>\n

Concerning these transactions, Santiment also reported yesterday that ADA recorded its biggest daily amount of $100k+ transactions since November 12, 2022. Historically, such spike in whale transactions usually precedes massive price shifts. Thus, Cardano is one token that investors should watch closely in the coming days, alongside other coins with similar transaction histories like Shiba Inu and Hex.\u00a0<\/span><\/p>\n

Of course, other factors have driven ADA\u2019s price aside from these whale transactions. For example, the Total Value Locked of the Cardano DeFi ecosystem has surged by over 100% in 2023 based on data from DeFiilama.<\/a> The Cardano DeFi space is currently valued at $102.79, the highest value since August 2022.\u00a0<\/span><\/p>\n

In addition, there has been much excitement within the Cardano user community after Cardano Founder, Charles Hoskinson, announced<\/a> on January 8, 2023, the opening of his hospital – \u201cHoskinson Health & Wellness Clinic\u201d – which will offer patients the option of paying ADA tokens for medical services.<\/span><\/p>\n

Related Reading: FBI Recovers An $141,000 Audemars Piquet Watch, NFTs, From Scammer<\/a><\/div>\n

Cardano (ADA) Price Prediction For 2023<\/span><\/h2>\n

Per price prediction from BitNation<\/a>, ADA is expected to reach a peak price of $0.72 in 2023. Their forecasts also stated that the expected average and minimum market prices of ADA for the year are $0.69 and $0.48, respectively<\/span><\/p>\n

DigitalCoinPrice, another popular prediction site, also projects ADA to trend upward in 2023. Based on their projections,<\/a> Cardano could trade as high as $0.88, representing a plausible 120% gain on the current market price.<\/span><\/p>\n

That said, note that these price predictions should not be relied on in making investment decisions. All investors are admonished to do their due diligence, considering all risk factors that affect the crypto market.\u00a0<\/span><\/p>\n

Featured Image: Zipmex, Chart from Tradingview.com<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"

Following the turn of the new year, the crypto market has had a strong bullish run, with the market\u2019s total cap surging over 37% and exceeding the $1 trillion mark in just five weeks. Cardano (ADA) has been one of the best-performing tokens of the year, recording massive profits weekly as it maintains an upward trajectory. Since the start of 2023, Cardano has gained by over 65%, moving from $0.24 on January 1, 2023, to its current market price of $0.40 based on data from Tradingview.com. During this period, Cardano\u2019s market cap also boosted from $8.63 billion to $13.81 billion, allowing the token to retain its position as the 8th biggest cryptocurrency in the world. ADA Market Cap at $13.81 | Source: ADA Chart on Tradingview.com. Related Reading: Craig Wright Wants His $2.5 Billion, Demanding For a Bitcoin Hard Fork Behind Cardano\u2019s Market Surge While many factors have influenced Cardano\u2019s rise in the last few weeks, credible on-chain analytics platform Santiment has presented a report explaining recent network transactions driving this price rally. According to Santiment, there has been an accumulation of $405.85 million worth of ADA by key sharks and whales’ wallets since the beginning of the new year. This report indicates that this massive investment in ADA within a short time frame has contributed significantly to the token\u2019s price gain in 2023. Source: Santiment Concerning these transactions, Santiment also reported yesterday that ADA recorded its biggest daily amount of $100k+ transactions since November 12, 2022. Historically, such spike in whale transactions usually precedes massive price shifts. Thus, Cardano is one token that investors should watch closely in the coming days, alongside other coins with similar transaction histories like Shiba Inu and Hex.\u00a0 Of course, other factors have driven ADA\u2019s price aside from these whale transactions. For example, the Total Value Locked of the Cardano DeFi ecosystem has surged by over 100% in 2023 based on data from DeFiilama. The Cardano DeFi space is currently valued at $102.79, the highest value since August 2022.\u00a0 In addition, there has been much excitement within the Cardano user community after Cardano Founder, Charles Hoskinson, announced on January 8, 2023, the opening of his hospital – \u201cHoskinson Health & Wellness Clinic\u201d – which will offer patients the option of paying ADA tokens for medical services. Related Reading: FBI Recovers An $141,000 Audemars Piquet Watch, NFTs, From Scammer Cardano (ADA) Price Prediction For 2023 Per price prediction from BitNation, ADA is expected to reach a peak price of $0.72 in 2023. Their forecasts also stated that the expected average and minimum market prices of ADA for the year are $0.69 and $0.48, respectively DigitalCoinPrice, another popular prediction site, also projects ADA to trend upward in 2023. Based on their projections, Cardano could trade as high as $0.88, representing a plausible 120% gain on the current market price. That said, note that these price predictions should not be relied on in making investment decisions. All investors are admonished to do their due diligence, considering all risk factors that affect the crypto market.\u00a0 Featured Image: Zipmex, Chart from Tradingview.com<\/p>\n","protected":false},"author":581,"featured_media":518705,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[12333,12332,57231],"class_list":["post-518704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada","tag-cardano","tag-santiment"],"acf":[],"yoast_head":"\nCardano (ADA) Up By Over 65% In 2023 - Here\u2019s Why Cardano (ADA) Up By 65% In 2023, Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"Following the turn of the new year, the crypto market has had a strong bullish run, with the market\u2019s total cap surging over 37% and exceeding the $1 Cardano (ADA) has been one of the best-performing tokens of the year, recording massive profits weekly as it maintains an upward trajectory.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/cardano\/cardano-ada-up-by-over-65-in-2023-heres-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cardano (ADA) Up By Over 65% In 2023 - 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a \u201cmusic nomad\u201d always ready to listen to new artists and explore new trends. Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination. He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society. In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come. His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. 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