- Cardano (ADA) has started the year strong with positive price performance and trading volumes reaching record highs.
- Crypto investors are optimistic about a strong year based on promised network developments and positive technical indications.
Cardano (ADA) was one of the most closely watched coins in 2023, and it continues to impress investors into the new year. Data from the past couple of days paint a bullish outlook for the coming months for the digital asset. In addition, to a price surge, ADA has experienced a spike in daily trading volume, indicating strong investor interest.
Data from Coinglass shows that turnover metric has experienced an impressive 49.07% increase, soaring to a staggering $631.41 million. Interestingly, this is a growing trend with trading volumes rising from $120 million to $400 million levels not seen since the summer of 2022.
This spike in volumes has coincided with the ADA price rally, with the digital asset rising to a weekly high of $0.663448. However, due to a wider market plunge experienced earlier today, the token has retraced by around 14% to trade at $0.541896.Currently the 9th-ranked coin by market cap, the coin which has a value of $19,531,377,388 is down by nearly 80% from its all-time high price of $3.09.
Due to the developments around the network in the past two years, investors are fairly confident of revisiting this level during the next bull market.
A Look at Cardano in 2024
The team behind the project has revealed that the year will be action-packed for the network. First on the agenda is a major technical milestone, the Chang hard fork, which is scheduled for 2024. This hard fork will be a major step towards full Cardano community governance.
The team has further revealed plans for more interoperability with other blockchain ecosystems. This will see more developers work on Carfdano and a host of resources availed to developers working on Cardano. The team also aims to bring more third-party dApp development to Cardano, expanding its utility and adoption.
The one key concern for ADA investors is its labeling as a security by the U.S. Securities and Exchange Commission (SEC) last year. Cardano development company IOG was quick to respond, noting that “Under no circumstances is ADA a security under U.S. securities laws.” Co-founder Charles Hoskinson has also been vocal about the SEC arguing that the agency was biased on what tokens are securities.
Charles Hoskinson GOES OFF on SEC & Bitcoin getting a pass while Cardano $ADA & crypto has to suffer.
pic.twitter.com/Vm1u9jGrIr
— Altcoin Daily (@AltcoinDailyio) November 27, 2023
According to AI-powered machine-learning algorithms utilized by CoinCodex, this is a great time to buy ADA. The algorithm predicts that the token will end the year trading at $0.64. Although the token faces major resistance around $0.67, many experts foresee this being broken in the coming weeks to see it trade above $1.
