Cardano Set to Explode. Is this the next crazy growth cycle for ADA? Some other information is noted below
Cardano Set to Explode
Many investors have been unhappy with Cardano’s performance this year due to the massive decline in the value of ADA, the blockchain’s native cryptocurrency.
On-chain data shows that the percentage of Cardano (ADA) addresses that have been lost is over 94%, and the data points to the possibility of further losses soon.
However, only a few analysts share this view. Despite recent events, one crypto analyst used historical data to predict a staggering 2,300% increase for ADA, Cardano’s native token.
ADA has not been immune to the current extended bear cycle in the cryptocurrency market. While the cryptocurrency remains a top 10 coin by market capitalization, it is now down 92% from its all-time high of $3.09 in 2021.
Cardano has been consolidating since $0.50 to $0.20 for months, leading some to question whether it can recover to all-time highs.
Ali Martinez, a famous cryptocurrency expert, recently shared his thoughts on cryptocurrency on social media platform X.
Martinez pointed out that the current consolidation in ADA price reflects what has happened 665 days between 2018 and 2020 ahead of the 2021 bull run.
Based on this trend, Martinez predicts the current bearish trend will bottom out as early as May 2024 or the end of June/0.
According to analyst forecasts, a repetition of this cycle will cause ADA to rise to $2474. Cryptocurrency trading at $2,300 means more than <>.<>% gain.
Check Out the Latest Prices, Charts, and Data of ADA/USDT
Summary of major events this week:
Some notable DeFi & CeFi events could have a significant impact on the market. Everyone follow along to see how it goes!
- October 16:
+) SEC decision on @BitwiseInvest ‘s Bitcoin ETF.
+) @arbitrum ‘s Odyssey event resumed after Galxe’s incident.
+) ZepetoX launches $ZTX token after airdrop and will be listed on several CEXs.
- October 17: SEC decision on Bitcoin ETF BlackRock and Fidelity.
- October 19: SEC decision on Valkyrie Bitcoin Fund.
Macro:
- October 15: Empire State MFG Index (5:30am UTC).
- October 17: Retail Sales (5:30am UTC).
- October 19: Applications for unemployment benefits (5:30am UTC) & Fed Chairman Powell speaks (9:00am UTC). Bank Profits, Israel/Palestine (All Week).
The Other News
- SEC Decision Not to Appeal Boosts Odds for Grayscale Bitcoin Trust (GBTC) ETF Conversion
- South Korean exchange Upbit gets initial license nod from Singapore
- Australia proposes to regulate crypto exchanges under TradFi license regime
- FTX Estate Stakes 5.5 Million SOL, Amid Liquidation Fears
- Bitcoin Price Prediction: BTC Slips 2.5% as Regulatory Winds and National Reserves Shape the Future
- Ferrari Now Accepts Bitcoin, Ethereum, and USDC as Payment
- Grayscale ‘GBTC Discount’ Narrows to Near 2-Year Low as SEC Misses ETF Appeal Window
- Bitcoin Jumps to Near $28K As Bulls Bet on ETF Approval
- How to build a DApp on Ethereum
- US Gov Holds Big Bitcoin Stash, But No Rush to Liquidate
- Russian Business Titan Sber to Join Digital Ruble Pilot
- Tron Price Prediction: TRX May Have Another Chance For A Bullish Streak
- French Watchdog Finds Low Interest in Private Blockchain DeFi Activities
- EtherHiding: Hackers create novel way to hide malicious code in blockchains
- Internet Computer’s Dfinity Is Building Carbon Credit-Inspired Tech for Waste Management
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