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April 20, 2024
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Cardano’s Meteoric Rise: TVL Surges 166%, Could ADA Price Reach $8 by 2025?

The post Cardano’s Meteoric Rise: TVL Surges 166%, Could ADA Price Reach $8 by 2025? appeared first on Coinpedia Fintech News

According to analyst Altcoin Daily, Bitcoin’s recent surge to $52,000 has sparked speculation of further growth, possibly reaching $69,000. This upward momentum is attributed to strong demand in the US market. Historically, Bitcoin’s surpassing of all-time highs, such as $69,000, has signaled the beginning of the altcoin season, where other cryptocurrencies gain traction.

Altcoin Daily also said that Ethereum and Solana were important assets in this trend, noting their increased mainstream recognition and investment appeal compared to riskier assets.

He also discussed how Cardano founder Charles Hoskinson has expressed optimism about ADA’s future, predicting it to be the best year yet for the project. Hoskinson cites Cardano’s growth metrics, including a substantial increase in Total Value Locked (TVL), ranking, and price performance.

Cardano’s TVL surged 166% quarter-over-quarter and nearly 700% year-over-year, showing its growing importance in the crypto space. Additionally, Cardano’s strategic partnerships and expanding ecosystem indicate further potential for growth and adoption.

Hoskinson’s remarks come amidst increasing interest and investment in Cardano, fueled by its strong fundamentals and development milestones. The project’s emphasis on privacy-focused solutions like Midnight and strategic collaborations with other blockchain ecosystems further bolster its position in the market.

Market analyst Ali Martinez believes that Cardano (ADA) could reach $8 by January 2025. Martinez made this prediction by comparing ADA’s recent price movements to its behavior between late 2018 and November 2020. 

During that time, ADA stayed between $0.0177 and $0.1069, with a top trendline blocking prices from going above $0.10 and a bottom trendline preventing them from falling below $0.017. In July 2020, ADA broke out above the top trendline after weeks of consistent gains. This historical pattern suggests to Martinez that ADA might hit $8 in the future.

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