Cardano (ADA) Coin: Latest Developments, On-Chain Data, and Price Analysis

Bittime - Cardano (ADA) crypto is experiencing a huge surge. Read the latest updates, on-chain data, and ADA price analysis to understand the future prospects of Cardano coin. 

After undergoing various technical updates and reaching important milestones, ADA is now entering an exciting phase in its blockchain journey. 

However, despite the significant price surge, the question that continues to arise is, can Cardano maintain this momentum? Let's discuss it in this article.

Latest Updates from Cardano (ADA)

In the last few weeks, Cardano (ADA) has recorded an impressive performance with a price surge of more than 200%. This brings ADA back onto the map of leading altcoin competition. 

One of the main developments that was highlighted was the introduction of Voltaire, a new era in Cardano's roadmap that focuses on decentralization and improved governance. With these changes, ADA fans now have a voice in major decisions regarding the development of the platform.

Besides that, Chang Hard Fork which launched in early September provided significant changes by allowing ADA holders to have voting rights. This makes the platform more decentralized compared to competitors like Solana and Ethereum which are still relatively more centralized. 

Other technical updates include improvements to smart contracts, which further increase the capacity of the Cardano network to run decentralized applications (dApps) more efficiently.

Read also: 8 Best Crypto Projects Developed in the US, There are XLM, HBAR, and XRP

ADA Coin On-Chain Data

Sumber: Seeking Alpha

One of the main indicators showing an increase in interest in Cardano is data on-chain which shows a significant increase in unique addresses connected to the network. 

While this figure is still well below its 2021-2022 peak, the trend clearly indicates a return to interest in ADA.

Further, use Plutus Scripts developments since early November indicate that more developers are now choosing Cardano as a platform to build their applications. 

Sumber: Seeking Alpha

Total Value Locked (TVL) on the Cardano network also saw a surge, reflecting a significant increase in transaction volume and a rise in the price of the underlying ADA.

Additionally, introduction Hydra, solution Layer 2 for scalability, allowing Cardano to process up to 1 million transactions per second (TPS). This increases Cardano's competitiveness as a faster and more efficient network, making it a top choice for real-world applications.

Read also: Is Now the Time to Buy Cardano (ADA)?

Cardano (ADA) Price Analysis

Looking from a technical perspective, ADA has experienced a very impressive rally since July. After experiencing a significant price correction, ADA is showing a positive trend again. 

Based on technical analysis, there is a possibility that ADA price will continue to advance towards $2.3 in the near future, which is the main target in this rally.

However, there are several indicators that need to be considered, especially those related to Market Value to Realized Value (MVRV) And Network Value to Transaction (NVT) ratio. 

This metric suggests that ADA may be nearing a level overvalued, considering the very rapid price spike in a short period of time. In this case, investors need to be careful about the possibility of a price correction in the near future.

Besides that, Bollinger Bands showing massive expansion also indicates high volatility around ADA price. 

This indicator signals that ADA may be in a state overbought, and there is potential for the price to decline towards the $0.92 level before rebounding again.

Read also: Cardano (ADA) Price Prediction, Could Reach This Level Next Year!

Conclusion

Cardano (ADA) has made significant progress, both from a technical and on-chain perspective. With the introduction of Hydra, increased scalability, as well as strengthening decentralization through Voltaire, ADA has a strong foundation to become a major player in the blockchain world. 

Nonetheless, investors should remain alert to potential price corrections that may occur in the near future, given metrics that suggest ADA may be approaching levels overvalued.

FAQs About Cardano (ADA)

In What Areas Does Cardano Coin Move?

Cardano is considered to be the most researched blockchain in the crypto ecosystem today. In fact, because of this, Cardano was even nicknamed the "professor's coin".

What is the Price of Cardano now?

The current price of Cardano is $1.20 per ADA. With a circulating supply of 35,102,215,549,811 ADA, this means Cardano has a total market capitalization of $41,918,373,248.46.

How Long Has Cardano Been Around?

Cardano was launched in September 2017 by Ethereum co-founder Charles Hoskinson, and aims to be a third-generation (or blockchain 3.0) blockchain project — built on the technology pioneered by Bitcoin (first generation) and Ethereum (second generation).

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Reference 

BeIn Crypto, Is Cardano (ADA) in Danger of Being Overvalued? Key Indicators Raise Concerns, accessed December 9, 2024.

Seeking Alpha, Cardano: Big Things Happening, accessed December 9, 2024.

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