Cardano Skyrockets, Hits Record High Since January

ADA crypto asset, native token Cardano. (Photo; Doc. NFT News Pro)

JAKARTA - Cardano (ADA), one of the largest cryptocurrencies in the world, is experiencing an extraordinary price increase since the beginning of this month. In the last 24 hours, ADA managed to rise 10% and reached 0.639 US dollars (around Rp. 9,980.00), the highest level since January 2. When this article was written, ADA was still above 0.625 US dollars  (around IDR 9,760.00), with an increase of 9.38% in a day.

ADA's price increase was driven by several factors, including bullish predictions from crypto analysts, positive reactions from Cardano's founders, and the strong growth of the blockchain project. The following is a complete review of the factors that influence ADA performance.

Bullish Predictions from Crypto Analysts

One of the factors driving ADA's price increase is a bullish prediction from crypto analyst Ali Martinez, who said that ADA might rise faster than expected if history repeats itself. According to the scenario described by Ali, ADA is expected to rise to 0.80 US dollars (around IDR 12,490.00) first and then fall back to 0.60 US dollars (around IDR 9,370.00) before entering an uptrend towards 8 dollars US (approximately IDR 124,900.00) in January 2025.

This prediction is based on technical analysis and market cycles, which show that ADA has had a similar price pattern to Bitcoin (BTC) and Ethereum (ETH) in the past. Ali also said that ADA has great potential to become one of the leading cryptocurrencies in the future, because it has sophisticated and innovative technology.

Positive Reaction from Cardano Founders

Another factor supporting ADA's price increase is the positive reaction from Cardano founder Charles Hoskinson, who showed confidence and optimism in his project. Hoskinson, who is also a co-founder of Ethereum, responded to several posts on social media related to ADA.

One of them was a post indicating that some investors were planning to sell their coins after reaching new highs. Hoskinson reacted to this post with a GIF of a man getting soaked in the rain, indicating that the idea of ​​selling was not with him.

Another post that received a positive response from Hoskinson was a post by a Cardano fan who anticipated that Cardano Cash would grow to 4.5 billion US dollars (around Rp. 70.3 trillion) when ADA crossed 3 US dollars (around Rp. 46,800.00). Hoskinson liked this post and wrote "I love this" as his comment.

Cardano Project Growth

The final factor contributing to ADA's price increase is the strong growth of the Cardano project, which shows significant progress and achievements. According to the Cardano Q4 report from Messari, a crypto analysis platform, revenue in USD increased 66.7% quarter-on-quarter. However, this is not just due to ADA price action; revenue at ADA rose 10.6% quarter-over-quarter.

Cardano Cash Balance increased 2.6% QoQ to 1.43 billion ADA. ADA's 40 million increase is generally consistent with growth in recent quarters. Total value locked (TVL) in USD grew 166% QoQ, reaching a record high of 449 million US dollars  (around IDR 7 trillion) on December 14.

This huge Q4 growth resulted in an increase of 693.4% YoY. TVL in ADA also reached a record high in Q4, totaling just over 700 million ADA.

This growth shows that Cardano has a healthy and growing ecosystem, with many projects and applications built on top of it. Some examples of projects using Cardano are Atala PRISM, a digital identity platform that can be used to store personal data and educational credentials; Project Catalyst, a community participation platform that allows users to propose and fund innovative ideas; and Goguen, an upgrade phase that will bring smart contract functionality to Cardano.