Is Cardano (ADA) Price About to Explode? This Metric Approaches ATH

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TL;DR

  • Cardano’s value surged nearly 53% in the past month, reaching $0.37, with its Total Value Locked rising to $251 million.
  • This growth is driven by increased active addresses, a rise in whale transactions, and positive gains in its ecosystem.
  • Cardano leads in blockchain development, with significant GitHub activity and an upcoming influential event, the Upbit D Conference.

Cardano is one of the most popular topics of conversation in the cryptocurrency scene, as ADA surged nearly 53% in the past month, reaching over $0.37. The protocol’s Total Value Locked (TVL) has risen to $251 million —a surge of over 380%. This is just a few million away from its $323M all-time high achieved in March.

Source: DefiLlama

Cardano’s DeFi growth could be attributed to several factors — not just an apparent altcoin season boosting currencies like SOL and XRP. In this case, Cardano has seen more active addresses, a higher TVL as more protocols see positive gains in its ecosystem, and a rise in whale transactions.

Notably, whale transactions in ADA reached 3,213 in the first four days of November, surpassing October’s total. This uptick coincided with a rise in ADA’s transaction volume from 237M to 332.08M, contributing to its price surge from $0.24 to $0.37.

However, this growth is also fueled by new integrations and strategic partnerships, one of them made with the Institute of Blockchain Singapore (IBS) for crypto and blockchain education.

Cardano Becomes A Leader in Blockchain Development

Cardano is also one of the leaders in blockchain development activity, securing the top spot with 502.57 GitHub commits over 30 days, according to analytics platform Santiment. Polkadot (DOT) and its test network Kusama (KSM) follow in second and third places with 484.23 GitHub commits each.

Cardano investors will most likely keep an eye on the Upbit D Conference (UDC), an event that will take place on November 13, 2023. According to Lookonchain, the recent rise in altcoins has been attributed to the Korean exchange Upbit. Therefore, this event could affect a wide variety of assets, as several crypto executives will appear and share news, updates, or reports that could inspire bullish or bearish price action.

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