Cardano price has risen by more than 10.75% in the past 24 hours, and is currently resting at $1.0481 after crossing the $1 mark. This recent price action raises the question of whether Cardano’s historic 2021 rally can be repeated.
Trading volumes for Cardano (Ada) rose 23% to $1.62 billion, representing renewed interest in the cryptocurrency. Crossing the $1 mark represents a psychological milestone for ADA after months of trading below that limit.
Why is the price of Cardano rising?
The recent jump in the token's market price is likely due to new upgrades to blockchain technology and increased overall optimism in the market. Blockchain also released proposal CIP-113 on January 2, which would allow for programmable assets, improved security, and intelligent calculations. Hoskinson, the founder of Cardano, said that the blockchain is growing into a multi-chain, multi-actor network scheduled with midnight updates.
He's getting ready to code Real world origins By the beginning of 2025, which is an essential aspect for the further expansion of blockchain technology. Furthermore, Cardano has officially entered into its agreement Voltaire This era is a decisive step towards decentralized governance. Plugins like Mithril will also improve node performance of the Cardano blockchain.
One of these innovations is improving efficiency Decentralized applications By processing incomplete transactions. It expands the user base through this ability to process partial transactions. With increased business activities and overall market recovery, ADA continues to trend north.
Cardano mimics the uptrend of 2021
Cardano's recent rally has drawn comparisons to its 2021 rally, as on-chain metrics showed a rise in 30-day daily active addresses, a trend reminiscent of its historical price surge. On-chain metrics and historical data provide interesting comparisons. The chart shows that the number of active daily and 30-day ADA addresses has increased several-fold, a pattern similar to what was seen in the price explosion in 2021. At the time, the high network activity coincided with ADA rising above $3 as people were hoping to Alonzo upgrade.
Although activity levels are not yet close to the highs reached in 2021, they are trending higher supported by a price break above $1. while On the chain Metrics Give Hints of a Possibility of a Repeat of 2021's Uptrend ADA's progress in reclaiming previous highs will remain dependent on continued ADA adoption and broader market conditions. For now, all eyes are on the ADA as it works its way through this critical phase.
Source link