Cardano Prices Rise, This Is The Cause!

Cardano (ADA) prices go up (Photo; Doc. Cryptofernk)

JAKARTA - Cardano (ADA) prices experienced a significant spike this week. This increase was triggered by increased network activity as well as an important announcement from the Artificial Intelligence Alliance (ASI) which introduced FET tokens on the Cardano blockchain. This announcement creates a wave of optimism among investors and the crypto community, pushing ADA prices up by 9% since the announcement.

On September 7, breast milk announced that their original token, FET, is now part of the Cardano ecosystem. This decision is based on Cardano's network advantage in terms of low transaction security, speed and costs. FET, which will change its name to breast milk, is now Cardano's original token (CNT), enabling better integration with the ADA ecosystem. This announcement sparked price increases, where FET tokens jumped 6.85%, while ADA rose 8.39%.

Quoted from Cointelegraph, Ben Goertzel, CEO of SingularityNET, gave his appreciation for Cardano's infrastructure, mentioning that the network's "mathematic uncertainty" will play an important role in the development of Artificial General Intelligence.

Not only is the price rising, Cardano's active address activity has also reached its highest point in the last five months. Data from the analytics platform Santiment shows that ADA's number of active addresses reached 52,077 on September 7, 2024, the highest since March this year. This increase comes before a price spike, creating short-term bullish sentiment in the ADA market.

In addition, after a negative period, Cardano's funding rate turned positive over the weekend, indicating that traders were starting to be more betting on an ADA price increase.

Cardano's price increase was also influenced by its high correlation with Bitcoin (BTC). The data shows that over the last 90 days, ADA has a rolling correlation index of 0.74 with Bitcoin. This means that the positive Bitcoin price movement also supports the strengthening of ADA prices.

Over the weekend, Bitcoin managed to close above $54,000 and is now trading above $55,000, providing a bullish foundation for Cardano to build a positive momentum from collaboration with breast milk.