Cardano (ADA) Hits New Yearly High at $0.67, Surging 77% in December
Date: 2023-12-29 Author: Dima Zakharov Categories: BLOCKCHAIN
Cardano Soars to New Heights
Cardano (ADA) has been making waves in the cryptocurrency world, with its price surging to a new yearly high of $0.67. Over the past 30 days, Cardano has seen a remarkable growth of 77%, leaving many wondering if it can continue its upward trajectory.
Steady Progress Throughout 2023
For most of 2023, the price of ADA remained relatively stable. However, it faced a setback in June when U.S. authorities filed lawsuits against cryptocurrency exchanges Coinbase and Binance, causing ADA's value to drop. It wasn't until the end of November that the token began gaining momentum, ultimately increasing its price by approximately 175% since January.
Impressive User and Dapp Growth
In the past month, Cardano (ADA) has shown significant growth in both user adoption and decentralized application (Dapp) activity. Minswap, a decentralized exchange (DEX) within the Cardano ecosystem, saw its active user count increase by more than 26,000 in just one month. Similarly, the NFT marketplace JPG Store added 16,540 new addresses during the same period.
Contrasting Trends in the Crypto Market
While Cardano is on the rise, other cryptocurrencies like Solana (SOL), Avalanche (AVAX), and Polkadot (DOT) are experiencing price declines. However, some altcoins, including Ethereum (ETH) and XRP, are only showing minimal decreases, while Binance Coin (BNB) has even gained 4.8% in a single day.
Future Outlook for Cardano
Analysts have varying opinions on the future of Cardano. While many anticipate further growth in the cryptocurrency market in 2024, driven by the potential approval of a Bitcoin spot ETF and Bitcoin's halving event, Changelly analysts do not expect Cardano (ADA) to reach the $1 mark early in the year. Instead, they suggest that such growth may be possible around June 2025.
