Cardano Very Active Today after Massive 2023 Earnings Revealed
Cryptocurrency token Cardano (ADA) is very bullish today on the heels of a statement that showed 673% growth.
Messari released a Q4 report for Cardano which revealed that the coin grew 673% from year to year. Cardano increased liquidity helped propel it up the charts, moving from the #34 spot to #16 by the most recent earnings quarter. Cardano is currently ranked 8th place, and it may go even higher very soon based on how active the coin is right now.
For Friday morning, Cardano is at $0.06099 (ADA/USD) and rising. The coin gained 3.22% over the last 24 hours and 1.56% over the last hour. It has the potential to move very high by the end of the day, and the coin has seen consistent growth throughout the week. ADA grew 12.78% over the last seven days, staying bullish for all of that period.
Why Is Cardano Dominating?
Caranda has managed consistent growth from year to year, making it one of the most reliable cryptocurrency coins. That stability is a rare thing in the industry, which sets Cardano apart as a highly desirable token. There is no guarantee that it will continue to grow, but with consistent and stable growth, Cardano is definitely proving itself a sounder investment than much of its competition.
The growth could stall in the near future, as Cardano could hit a ceiling when it goes up against higher ranked coins that are more established and that get more press coverage.
Over the last year, Cardano has seen growth in the number of average transactions each day as well as in the number of daily addresses making transactions. In other words, its reach is expanding, and it is not simply growing off the backs of a few crypto whales. However, the numbers do show more highly invested users, or users who make large investments in a single crypto and help drive the price up.
In 2023, Cardano benefitted from a number of new protocols, specifically DeFi protocols that help it to outperform competing crypto tokens. At press time, Cardano was experiencing an increase of 26% in trade volume for the past 24 hours.
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