Cardano cryptocurrency has grown by 65% since the beginning of the year

Cardano (ADA) has become one of the best performing crypto assets since the beginning of 2023. In January alone, the value of the cryptocurrency increased by more than 65% - from $ 0.2 to $ 0.4. In turn, the market capitalization increased from $ 8.63 billion to $ 13.72 billion. Thanks to the support of investors, the ADA token has risen to eighth place in the ranking of top crypto assets and has been holding its position for 30 days in a row.

Santiment analysts have found that whales and sharks' crypto reserves have increased by $ 405.85 million in ADA tokens. The Cardano network has the largest number of transactions worth more than $ 100,000, with an increase of more than 30%. By the way, such figures have not been recorded since November 2022. As of the end of January, 28 new addresses have been recorded in the Cardano network, controlling more than 1 million ADAs.

According to BitNation forecasts, the ADA rate may rise to $ 0.72 by the end of 2023. A breakthrough will be possible after overcoming resistance zones at $ 0.48 and $ 0.69. At the time of writing, ADA is trading at $ 0.39.

As a reminder, on January 31, the algorithmic stablecoin Djed of the Cardano blockchain was launched. The digital asset was created to be used in the ecosystem’s DeFi protocols as a stable alternative to volatile cryptocurrencies. «The introduction of a stablecoin that is fully backed by fiat currencies and meets regulatory requirements is the next step in realizing a cloudless future for the cryptocurrency community,» the developers said. Stablecoin is already available on the decentralized exchanges MinSwap, Wingriders, and MuesliSwap.