Cardano Price Surges: DeFi Extension and ETF Rumors Fuel Growth
Cardano’s recent surge in price has caught the attention of investors worldwide. With a TVL of $747 million, the DeFi ecosystem of Cardano is experiencing significant growth. This marks a massive jump from the $50 million TVL in November 2022, showing a surge in the use of Cardano’s dApps. The network has also seen over 87,800 active addresses in the past 24 hours, indicating a growing user base.
The price of ADA, currently trading at $1.20, has risen by 256% since November, surpassing the $1 mark. Market analysts suggest that the price could reach $3, similar to the excitement surrounding XRP’s ETF approval. If ADA manages to break past the $1.25 resistance level, we may see a continued upward trend towards $2.
Many are speculating that Cardano’s price could hit $3 if it receives similar attention as XRP. Analysts like Dan Gambardello have predicted a sharp increase in ADA’s value if ETF rumors turn into reality. However, it’s essential to exercise caution as a drop below $1.25 could invite selling pressure.
As Cardano continues on its bullish trajectory, investors should remain vigilant and closely monitor market conditions. While the potential for further growth exists, it’s crucial to stay informed and make informed decisions when navigating the volatile cryptocurrency market.
