Cardano (ADA) follows the general sentiment of the market and records positive price action in a short period of time. Cryptocurrencies have been trading heavily since the sector dived back to current levels, but there is light at the end of the tunnel.
Cardano (ADA) is trading at $0.32, with a 12% rally in the last 24 hours. During the previous week, the token registered a profit of 29% and became the best performing crypto asset for this period. Other cryptocurrencies in the top 10 saw similar price action.
Cardano Will Take More Spots In The Top 10 By Market Cap
According to the pseudonym Cardano bull, the cryptocurrency is underpriced. The token has suffered along with other risks in assets due to tighter macroeconomic conditions. Despite the downward trend, ADA remains one of the largest cryptocurrencies by market capitalization.
Cardano first entered this ranking in late 2021, at the height of the previous bullish crypto cycle. At that time, the company behind its development introduced several improvements and smart contract capabilities to the platform.
These improvements make Cardano compatible with decentralized finance (DeFi) applications and take it to the top of several metrics, including monthly contributions from developers. The ADA ecosystem is blossoming.
Two weeks ago, as reported by NewsBTC, there was another surge in Cardano’s on-chain activity. These metrics support ADA’s bullish thesis as they signal seller exhaustion following a downtrend and large accumulation of mid to large investors, as seen in the chart below.
A pseudonymous analyst write The following is about the future of ADA and the potential to see more revenue:
(…) I believe that is where it belongs. Social drives the value of crypto and it is the 3rd largest community, at least. 2020-22 TPS driven VC, TVL, ponzinomics psyops will end. Cardano will assume a valid place.
ADA Of Top 10 Crypto By Market Cap?
On the other hand, the detractors of ADA posted a prediction of 2023 for the token. Crypto personality Eric Wall predicts that ADA will “eventually drop” from the top 10 by market cap.
The Cardano community rejected the prediction; some believe that ADA will leave the general group and enter the top 3, thus fulfilling the prophecy. While others have different expectations and, while bullish on ADA, acknowledge the fluctuation of ratings. One User write:
Can’t pretend it’s impossible (for Cardano to leave the top 10). perfect storm Elon tweets some nonsense about doge, polygon partners with meta, sol VCs decided to pump all at the same time. Insurance is that people who are shorting ADA also seem to be shorting sole, so that both people go up with a squeeze.