Why cardano cryptocurrency is soaring

The cardano cryptocurrency is up more than 30% in one week, benefiting from the rise of cryptocurrencies in recent months.

While Bitcoin has regained color, the talk at the moment is about altcoins, i.e. cryptocurrencies other than Bitcoin. Over the past week, two altcoins among the most capitalized cryptocurrencies on the market have performed best. On the one hand, the crypto avalanche, which jumped by 45% in a week (see our article on this topic), but also cardano with a 34% increase. In one month, this is an increase of 78% and 160% since January 1st. Pretty impressive…

First, this increase is part of a favorable context in the cryptocurrency market with investors much more risk-averse at the end of the year after the Federal Reserve (Fed) sees the status quo on its interest rates. In this context, Bitcoin, which gained 140% in one year, led the growth of the entire crypto market. To date, the cardano cryptocurrency seems to have benefited from the best timing, from the best dynamics, between the start of the big crypto rally a few weeks ago and this crucial period marked by central bank decisions and technical deadlines in the markets. .

Popular blockchain among developers

In addition, we observe the increasing role of the Cardano blockchain in technology development strategies. The Bitcoin blockchain is already sufficiently overexposed with its number one market position and Ethereum, whose various updates have reduced developer interest, that Cardano retains the lion’s share as a popular developer project… as of now.

This means that we can see that Cardano’s progress is becoming much less strong in recent days. There we are approaching the fateful threshold of 70 cents on the dollar. Analysts have targets in the region of 75 cents on the dollar before the very end of the year. This could limit progress a bit and possibly cause a significant correction early next year. Be careful.

Antoine Larigaudrie edited PA

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