Cardano (ADA) Shows Potential to Surpass $1 Mark Amid Rising Interest
The Essentials in Brief
Cardano (ADA) could surpass the $1 mark in March. Despite some price drops, ADA remains stable in the $0.7 range. The daily trading volume has fallen below $1 billion, but interest in the cryptocurrency seems to be increasing.
Cardano on the Rise
On March 4, Cardano recorded a notable increase of 5.77%, raising the price to $0.770. This was the first time since 2022 that ADA reached this price range. Although there were upward trends before, this particular increase drove Cardano to reclaim its highest price range in over a year.
After the significant increase, there was a substantial drop of 10% the next day, bringing the price down to about $0.69. In the following days, however, Cardano recovered and traded again in the $0.7 range. At the time of publication, the price was around $0.73, representing a slight decrease of just over 1%.
Trading Volume and Active Addresses
The analysis of Cardano’s trading volume showed higher volumes in March. ADA recorded a daily volume of over $1 billion on several days this month. In addition, the volume exceeded $2 billion on March 5 and 6, which was the first time since December 2023 that ADA reached such volume levels.
The 30-day analysis of active addresses showed a clear upward trend in the number of active addresses. Starting with over 890,000 active addresses at the beginning of the year, the number dropped slightly in February to about 700,000. At the time of publication, the number of active addresses has risen to about 915,000.
Open Interest Growing
The analysis of Cardano’s open interest showed an increase in cash inflows in the last week. Open interest peaked on March 5, exceeding $588 million. This was the highest open interest observed for ADA in over a year. At the time of publication, open interest stood at over $507 million, marking the highest level in almost a year.
Our Assessment
Given these indicators, it seems very likely that Cardano could reach the $1 mark in the near future. The increase in trading volume, active addresses, and open interest point to a growing interest in ADA. However, it remains to be seen how the market will continue to develop.
Sources: AMBCrypto, Santiment, Coinglass, Trading View.
| Symbol | ADA |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
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| Cons |
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| Price | $0.91 |
| 24h % | 2.68 % |
| 7d % | -15.43 % |
| 30d % | 16.98 % |
| 60d % | 151.95 % |
| 1y % | 52.91 % |
| Market Cap | $32,629,296,349.00 |
| Max. Supply | 45,000,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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