Cardano Rallies 7% On Development Activity Surge: ‘Just The Beginning Of An Epic Bull Run,’ Says Analyst
By Benzinga
Cardano (CRYPTO: ADA) is trading 7.4% higher amid increased network development activity and significant inflows in the first week of 2024.
What Happened: Cardano ranks first by average daily development activity in the past 30 days based on Github data as of Jan. 5. The 449 daily average Github commits far outrank the 281 recorded by Polkadot (CRYPTO: DOT) and 260 by Avalanche (CRYPTO: AVAX). Ethereum (CRYPTO: ETH) only reported 183 daily average commits.
A CoinShares report showed Cardano attracted $3.7 million in inflows in the first week of 2024, with total inflows for digital asset investment products at $151 million. In the entire year 2023, Cardano witnessed $14 million in inflows.
Price Action: The price of Cardano rose 7.4% in the past 24 hours, reversing its earlier week loss and cushioning its monthly gain of 7.8%. Investor interest in Cardano looks optimistically high, with past 24 hours volumes rising 90.3%.
Why It Matters: Ranked eighth by market capitalization with $20.4 billion, Cardano ranks well above blockchains like Avalanche with $14.4 billion and Polygon (CRYPTO: MATIC) with $8.8 billion.
Based on DefiLlama data, total value locked in Cardano stands at $396.04 million currently as compared to only $153.8 million as of three months ago (Oct.1, 2023). Volume tracked has also jumped significantly to $8.49 million in the past 24 hours compared to $3.97 million as of Oct.1, 2023.
The X community for Cardano is buzzing that something big could be coming for NFTs on Cardano.
An X user, Sheldon The Sniper, tweeted: “I am very long on Cardano. Feels like there is a strong ADA season incoming.”
Another user, Darren stated on his X account, “Just the beginning of an epic bull run. #Cardano."
Photo: Shutterstock
