Cardano (ADA) Records 13% Price Gains In 24 Hours, Is $2.20 Possible Again?
Cardano’s (ADA) price has made a splash on the charts this week. The asset’s success lately can be attributed to the growing interest in the upgrade that would see smart contracts be a reality on the blockchain. Cardano’s (ADA) price has also followed the run-up that the market has experienced lately. Sentiments across the crypto market continue to skew towards buy and Cardano (ADA) is not getting left out of the bull rally.
The asset’s price had been struggling lately as momentum had slowed down. But the successful Alonzo White Hard Fork had brought some much-needed faith back into the asset. Prices have been unpredictable for a while. A small uptrend in the price put ADA in the $1.5 price range. The movement continued to remain low following this.
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Furthermore, this was a welcome change from the $1.05 price point that the digital asset price had hit towards the end of July. This weekend showed small recoveries in the price of ADA. But the real movement has taken place in the past 24 hours. Putting ADA’s price at a point it has not seen in over two months.
Cardano (ADA) Gets Listed In Japan
Cardano (ADA) recently received approval to be listed in Japan early this month. The approval is considered to be one of the hardest listing approvals to get in the crypto market. Opening up the Cardano (ADA) market to over 100 million people who were previously unable to access this asset.
Cardano (ADA) checked all of the boxes required to be listed in Japan, a country that takes its cryptocurrency laws very seriously. Only a handful of cryptocurrencies have been approved to be listed on exchanges in Japan, including Bitcoin and Ethereum.
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This listing put the digital asset on track to grow in value given the number of potential investors that this meant for the project. At the time of listing, the digital asset had not reacted much to the news. Probably owing to the decreased momentum in the crypto market at that point. Now, the broader market seems to be catching up with ADA.
Run-Up To $2.20 Imminent?
The current run-up puts the price of Cardano (ADA) on a track to a complete bull run leading to a new all-time high price. Continuous upwards movement shows that the rally is not losing steam at any time soon. Dips following the increase in price have been tiny, which have in turn led to an even higher price movement upwards.
ADA price moves breaks $1.70 | Source: ADAUSD on TradingView.com
Indicators continue to point to major bullish sentiment surrounding the asset. An asset that has over 70% of its entire circulating supply staked ahead of the upgrade that brings smart contracts to the network. Investors remain faithful as hold sentiments continue to climb across the community.
Cardano (ADA) is currently trading at $1.7842 at the time of this writing, moving closer to $2.0. The market cap currently sits at $57 billion, up 13% in the past 24 hours, with a fully diluted market cap of $80 billion.
Featured image from Fintechs.fi, chart from TradingView.com