Cardano demonstrates a record increase in value

The Cardano cryptocurrency ADA $0.78 Cardano -0.69% Market capitalization $27.95 billion VOL. 24 hours $0.55 billion has rapidly separated itself from other altcoins, reaching an 8-month high after a sharp rise. Thus, over the past seven days, the value of ADA has increased by 47%, and over the past day — by 6%.

Currently, Cardano is ranked ninth among the leading cryptocurrencies according to the report.

At the time of writing, the ADA rate reached $ 0.84, the market capitalization is $ 29.43 billion, and daily sales reached $ 2.72 billion.

Santiment analysts note that the key factors behind this growth were the activities of large cryptocurrency holders. In total, more than 8,900 transactions by large investors were recorded over the past two weeks, which is a 6-month high.

The increase in transaction volume also played an important role. Over the week, they reached $ 52.26 billion, a record for the last 7 months.

In addition, the ADA to Bitcoin price ratio is also approaching its 8-month high. Despite the rise, ADA is still 74% below its all-time high of $ 3.10.

The rise in value could also be caused by a possible partnership with Ripple (XRP). Earlier, Cardano founder Чарльз Хоскінсон" href="https://noworries.news/biography/charlz-hoskinson/" data-bio-id="10 311">Charles Hoskinson hinted at a potential cooperation with the aforementioned company. He said that he is in talks with Ripple CTO David Schwartz, and a meeting is planned to discuss the details.

It is noted that the sharp growth of ADA, the activity of large investors, and potential cooperation with Ripple strengthen Cardano’s position in the cryptocurrency market.

With the prospect of an improved regulatory environment and the integration of new solutions, Cardano continues to show significant potential for development.

Earlier, Charles Hoskinson, the founder of the Cardano cryptocurrency platform, announced the start of negotiations with Elon Musk’s SpaceX company. At the time, it was reported that the news of a possible cooperation between Cardano and SpaceX would further draw attention to the project, strengthening its position in the market.