Various investors often wonder whether the price of a cryptocurrency will explode soon, and while it’s impossible to tell what will happen in any market, Cardano (ADA) has been seeing its adoption grow steadily so far this year, suggesting that an increase in demand could lead to a price rise.
The price of Cardano’s native token ADA is up over 52.8% so far this year, and up over 50.6% over the past 30 days in a price surge that came after steady growth in a number of metrics, including the total value locked in its decentralized finance (DeFi) ecosystem, which went from slightly below 200 million ADA at the beginning of the year to now stand at 684.7 million ADA.
The growth of Cardano’s DeFi ecosystem has seen projects within it, including collateralized debt protocol Indigo and decentralized exchange Minswap, see their total value locked surge past the $50 million mark as its adoption grows.
As CryptoGlobe reported, Cardano has also maintained its top stop in cryptocurrency development activity after surpassing the “blockchain of blockchains” Polkadot ($DOT) and its public pre-production environment Kusama ($KSM).
According to data from on-chain analytics firm Santiment, Cardano saw its development activity tower over other major cryptocurrencies, with Hedera ($HBAR) following Polkadot and Kusama, and Aptos ($APT) coming in fifth place.
On top of that, in the first few days of November whale transactions in ADA reached a notable 3,213, exceeding the total for the whole of October in a rise that was accompanied by an increase in ADA’s transaction volume from 237 million to 332 million, contributing to the rise in its price.
Price predictions for the price of Cardano in November suggest that the cryptocurrency could see moderate growth for the rest of the month, although some analysts point to a whopping surge of over 9,000% to reach the $30 mark in the future.
Featured image via Unsplash.