Cardano Price Surges Over $1 in 30-Day Rally: Latest Updates on ADA

Cardano has been making waves in the cryptocurrency world, with a recent surge in its price that has got everyone talking. In just one day, Cardano jumped 9%, thanks to some big players in the market and a general positive vibe surrounding the coin.

What’s really exciting is the recent deployment of a zero-knowledge (ZK) smart contract, which not only enhances Cardano’s blockchain capabilities but also cuts down on costs. This move has helped push Cardano’s price back above $1, marking a whopping 200% increase over the past 30 days. And get this – Cardano has been outperforming the big names like Bitcoin and Ethereum in the process.

For those of you keeping track, Cardano is currently sitting at $1.02 with a market cap of $35.6 billion. The numbers show an 8.8% increase in the past 24 hours, a 23.5% jump in the last 7 days, and a mind-blowing 203.9% surge in the past 30 days.

According to crypto trader Dan Gambardello, there’s a lot of positive energy swirling around ADA. Some investors have taken advantage of the recent price level to secure profits, while others see it as a stepping stone for even bigger gains ahead. Gambardello believes that the current consolidation phase is setting the stage for potential growth, possibly reaching $5 or even $10.

Recent data from IntoTheBlock reveals that there has been a decrease in large transactions and daily active addresses – a 12.2% drop in transaction volume and a 10.7% decline in daily active addresses. Interestingly, transactions over $100,000 have decreased from 1,914 to 1,335 in just one day. However, around 70% of ADA holders are currently in profit, which is always good news.

Crypto chart analyst Ali Martinez shared that Cardano whales scooped up over $130 million worth of ADA during a recent price dip, demonstrating strong institutional interest in the coin. This kind of backing is a positive sign for the future of Cardano.

And in community news, Charles Hoskinson, co-founder of Cardano, praised the blockchain’s development in a post on X, comparing it to Bitcoin’s early vision and emphasizing its commitment to decentralization and innovation. Hoskinson is also looking towards building a DeFi-enabled Bitcoin ecosystem using technologies like Babel fees.

Recently, Cardano deployed its first zero-knowledge (ZK) smart contract, called Halo2, on its mainnet. This is a significant step forward that aims to reduce costs, enhance proof generation, and verification speeds, ultimately expanding the network’s real-world uses.

Exciting times are ahead for Cardano as it continues to innovate and make waves in the cryptocurrency world. Stay tuned for more updates on this evolving story.