The cryptocurrency landscape has seen a significant uplift this “Moonvember,” traditionally a bullish period for digital assets. Leading the charge is Bitcoin, the market’s dominant player, setting a robust pace for others to follow. Yet, one of the standout performers recently has been Cardano, demonstrating impressive gains over the past week.
Cardano, ranked as the ninth-largest cryptocurrency, has finally broken through the psychological $1 barrier after languishing below it for over two years. This milestone has sparked investor curiosity about whether Cardano is on track to revisit its previous all-time high, especially given its recent vigorous ascent.
ADA Investors Capitalize on Gains — Implications for Cardano’s Price
Blockchain intelligence firm Santiment provided insights into Cardano’s price activity in a post dated November 22. They revealed that Cardano’s market capitalization has surged, more than tripling in the last 17 days to approach $36 billion.
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On November 22, Cardano’s price soared past the $1 threshold for the first time since April 2022. This achievement highlights the altcoin’s significant bullish momentum, outperforming nearly all other top-ten cryptocurrencies. However, this rapid price ascent has also triggered substantial profit-taking. Santiment reported the highest level of realized profit among traders in over eight months, with approximately $165 million worth of ADA sold for gains.
Such extensive selling pressure could potentially dampen Cardano’s price in the short term. While some investor distribution is natural during a price rise, a persistent trend of profit-taking might hinder Cardano’s upward momentum and stall its rally.
Additionally, social media chatter about Cardano surged on Friday, reaching its peak since December 2023. This uptick in discussions indicates a positive sentiment around the altcoin, yet it may also reflect investors’ fear of missing out (FOMO). Historically, cryptocurrency markets often move in the opposite direction of prevailing sentiment. Therefore, with heightened excitement and FOMO among ADA enthusiasts, Cardano’s price might experience a minor correction.
Current Cardano Price Overview
At present, Cardano is valued at approximately $1.1, showcasing a remarkable over 35% increase within the last 24 hours.
