Cardano: Why is it up almost 60% in 2023?

Cardano Foundation is guided and supervised by its board of directors
  • ADA is one of the best-performing tokens so far this year and there are a number of reasons for this.
  • In 2023, Cardano’s market capitalization grew from $8.63 billion to $13.5 billion.
  • Sentiment has submitted a report stating that recent network transactions have been key to the ADA price increase.

Cardano (ADA) is experiencing an uptrend and has become one of the best-performing tokens so far this year, registering an increase of almost 60% in 2023.

ADA opened the year at $0.24 and is currently trading at $0.38, according to CoinMarketCap. During that period, the market capitalization increased from $8.63 billion to $13.5 billion, ranking it as the eighth largest cryptocurrency in the world.

The on-chain analysis platform Santiment has presented a report explaining that recent network transactions have been very important in increasing the price of ADA.

The company reported that there was an accumulation of more than $405 million in ADA from sharks and whales in just over a month.

Regarding transactions, Santiment revealed that ADA recorded its highest daily transaction amount of more than $100,000 since November 12, 2022. These types of movements are usually positive for tokens, which is generally accompanied by an increase in their price.

Another encouraging piece of information for investors is that the total value locked in the Cardano DeFi ecosystem increased by more than 100% in 2023, according to DeFiilama data. Thus, the Cardano DeFi space is currently valued at $102.79 million, the highest figure since August 2022. 

How much will Cardano be trading in 2023?

According to BitNation’s price predictionADA would hit a high of $0.72 this year, with an average price of $0.69 and a possible low of $0.48.

Another well-known prediction site is DigitalCoinPrice, which highlighted that Cardano could go up 120% in 2023 to $0.88.