Cardano (ADA)  Hits New Yearly High As it Rallies 77%

Cardano (ADA)  Hits New Yearly High As it Rallies 77%

Cardano (ADA) has achieved a new yearly peak at $0.66 marking a notable 77% surge over the last previous month.

Cardano Current Price Chart

The cryptocurrency had experienced a relatively subdued performance for the majority of 2023, with its price facing setbacks in June. However, Cardano only started gaining momentum towards the close of November, and this recent surge has propelled its gains to approximately 175% since the beginning of the year.

During the past month, ADA has not only seen a substantial uptick in its user base but also an increase in dApps volume. Minswap, the project’s DEX witnessed a  surge of over 26,000 active addresses in a month. Simultaneously, the NFT marketplace -JPG Store, recorded 16,540 addresses during the same period.

Also read: Cardano Partners with an Oil Company for Blockchain Education in the Energy Sector

The bullish momentum observed in Cardano (ADA) can be attributed to the flourishing activity in its decentralized applications. Moreover, the reduced regulatory risk has further contributed to ADA’s positive outlook in the market.

Cardano Till $1?

As ADA faces a potential correction aligned with the dip in prices observed in projects like Solana (SOL), Avalanche (AVAX), and Polkadot (DOT), it’s essential to acknowledge the contrasting surge in certain altcoins like Ethereum (ETH), Binance’s BNB, and Chainlink (LINK).

 This shift suggests we might be on the brink of an impending bull run, with altcoins taking the lead. Analysts widely anticipate a cryptocurrency market bull run in 2024, bolstered by the probable approval of a spot Bitcoin (BTC) ETF and BTC’s halving event.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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