ADA Price Up 4.5% In 24 Hours: Why Is Cardano Going Up?
Cardano ADA/USD is up 4.5% over the past 24 hours, boosted by altcoins enjoying bullish sentiment. CryptocurrencyPrice Market Cap24-Hour Trend7-Day TrendCardano ADA/USD$1.05$37.4 billion+4.5%+8%Algorand ALGO/USD$0.39$327 billion+30%+62%Ripple XRP/USD $1.70$96.6 billion+15%+14.5%Trader Notes: Crypto trader Brandon Hong noted in a post on X on Friday that Cardano offered traders an entry of around 80 cents. From current levels, he anticipates ADA to push higher to $1.20 and, if that level is successfully reclaimed, possibly to $1.60 or further. Pseudonymous trader Ssebi also targets $1.25, while trader Altcoin Scholar sees a chart pattern playing out that could possibly take ADA to $2 in the long run. Community News: Digital asset manager Bitwise on Nov. 27 submitted an application for an exchange-traded fund (ETF) based on its existing 10 Crypto Index Fund. Cardano holds a weight of 0.70% in the index fund. Cardano co-founder Charles Hoskinson highlighted a tweet from a community member, showing that Cardano handles one-quarter to one-half of the transactions of Bitcoin BTC/USD and Ethereum ETH/USD while trading at under 10% of their valuation. The community member pointed out that Cardano is “one of the most organic chains out there.” Daily transactions, 25 NovBitcoin 605kEthereum 1292kCardano 322kADA does 25%-53% the transactions of BTC and ETH at 2%-8% the market capThese are the most organic chains out there, VC chain figures of hugely different magnitude can be considered unreliable or meaningless— whale (@cardano_whale) November 27, 2024Another notable milestone was when Cardano deployed its first zero-knowledge (ZK) smart contract, Halo2, on its mainnet. Read Next: Vladimir Putin Signs Bitcoin Mining, Crypto Taxation Law Image: Shutterstock Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.