Key Takeaways:
- Cardano surges in the market amidst positive market sentiment and whale influence.
- The coin’s market value increased by $0.718 in the last 30 days, registering an uptrend of over 215.57%.
- The market sentiment regarding the Cardano token is staying “bullish” with the Fear & Greed Index indicating “ Extreme Greed”.
Cardano, a famous cryptocurrency has become one of the top-performing coins in the market. With an astonishing growth surge of 206.18% in the last 30 days, the coin has already overtaken many prominent cryptocurrencies in the market. Cardano is a blockchain platform that is specifically designed to run decentralized applications through smart contracts. In this article, we will look into the coin’s sudden surge in the market, the factors that influenced this surge, and how the Cardano token will fare in the coming days on the crypto market.
Cardano Current Market Performance
Ranked #9 in the crypto market based on total market capitalization, the Cardano token is one of the most sought-after coins in the market. The Cardano token started its current bull run on the 10th of this month in the midst of the US Presidential Election. At that time, the coin was trading at $0.4396. From there, it was pure uphill for the famous cryptocurrency. Registering a price increase of $0.6104, the coin is currently trading at $1.05 with a downtrend of 1.63%.
During this bull run, the coin peaked on the 23rd of this month when it registered a market value as high as $1.359. With a 24-hour trading volume of $3.74 billion and a circulating supply of 35.05 billion, the market capitalization of the coin is currently standing at $37.02 billion. Even though it has shown a downtrend in the past 24 hours, experts are claiming that the coin will likely overcome this phase and rise further in the coming days.
Factors Behind The Cardano Run
The Cardano has undergone a tremendous bull run in the market with its market value almost tripling in the last 30 days. This recent price surge could be related to many factors in the market including whale influence and positive market sentiment. Despite its 24-hour decline of 1.63%, if ADA maintains the bull run, it will likely reach $1.25 by the end of this month. However, there is another side to this. If the coin continues to decline, it could prompt the traders to sell off their tokens, which could lead to further decline.
Famed crypto analyst Ali Martinez has made a tweet on social media that the volume of large-scale transactions on the network has already exceeded $22 billion per day. This indicates a high probability of either whale influencing, institutional involvement, or both. It’s not just Cardano that is surging these days. All the altcoins have been registering a significant uptrend in the market. This is also one of the factors that have contributed to the growth of the Cardano token.
Cardano Price Prediction 2024-2030: How Far Will The Coin Go In The Coming Years
Now that we looked into Cardano’s current performance and the factors that influenced this, let’s take a look at how the coin will fare in the coming years. For this, we have prepared a detailed price prediction table for the coin showcasing its price as well as the potential ROI. Kindly refer to this table, if you’re considering investing in the coin.
| Year | Min Price | Avg Price | Max Price | Potential ROI |
|---|---|---|---|---|
| 2024 | $ 0.932044 | $ 0.2519046 | $ 1.949969 | 88.17% |
| 2025 | $ 1.8251 | $ 3.06 | $ 5.25 | 406.52% |
| 2026 | $ 0.880531 | $ 1.408793 | $ 2.41 | 132.81% |
| 2027 | $ 0.881248 | $ 1.057895 | $ 1.51292 | 46.13% |
| 2028 | $ 0.996542 | $ 1.371706 | $ 3.47 | 235.18% |
| 2029 | $ 3.31 | $ 4.92 | 7.80 | 653.13% |
| 2030 | $ 2.07 | $ 2.75 | $ 4.08 | 293.88% |
While referring to the table, keep in mind that the above-given prices are susceptible to changes in market trends and may vary accordingly.
Is It a Good Time To Buy The Cardano Token?
The overall community sentiment toward the Cardano coin is showcasing a “Bullish” trend. As per the information provided by numerous tier-1 market analysts, the coin is expected to rise by 18.73% and reach a value of $1.197348 by the third quarter of December. The token is currently trading its 22/30 days in the green with a volatility rate of 39.28% based on the past 30 days.
The Fear & Greed Index associated with the Cardano coin shows a value of 80 indicating “Extreme Greed”. Based on this forecast, it is the ideal time to invest in Cardano. However, there is a matter regarding the volatility surrounding the crypto market. So, if you’re considering investing in the coin, it would be better to conduct your own research before proceeding.
The live price of the Cardano coin for the day is $1.05(at the time of the article’s writing) with a downtrend of 1.63% from the previous day.