Cardano (ADA) Thrives in 2023 with 52.94% Gain Year-to-date
In 2023, Cardano (ADA) has seen a lot of success. The asset has increased by a spectacular 52.94 percent since the beginning of the year. Meanwhile, the two biggest cryptocurrencies by market capitalization, Bitcoin (BTC) and Ethereum (ETH), have surged by over 63% and 56% respectively.
There has been a notable increase in the amount of trades with ADA. Whales are responsible for the transfer of around 313 million ADA tokens, worth about $117.6 million. Despite the size of the deals, the overall value of these transactions was over $70,000. This exemplifies how secure the Cardano (ADA) network really is. In addition, year-to-date transaction volume is 205% higher than it was.
Lackluster Price Move
The price of ADA, however, has not responded favorably to the surge in trading activity. Over the last week, the asset’s volatility has averaged about 4%.
With such a large volume of ADA changing hands, the lack of price action might suggest that whales are not selling off their holdings. That is to say, it is possible that large ADA holders are redistributing their tokens to new addresses.
Emphasis on New Features
The current price of ADA is $0.08, which is 87.81% lower than its all-time high of $3.09, reached in September of 2021. The asset has failed to recover from the market catastrophe of 2023. But ADA is one of the crypto projects that puts the greatest emphasis on new features.
The blockchain’s efficiency, scalability, and security are all areas where ADA is making strides. Moreover, ADA is also competing for the preeminence in the DeFi market.
There is a new stablecoin among the new items. There have also been developments in novel technologies, such as the cryptocurrency token Cardano Bitcoin, which was developed to facilitate the usage of Bitcoin on the ADA network. The result is a flourishing Cardano DeFi ecosystem.