Cardano (ADA), the cryptocurrency launched by Ethereum co-founder Charles Hoskinson, has experienced significant growth in recent days, thanks to the bullish momentum in the crypto market following the excitement over the possible approval of a spot Bitcoin ETF.
According to the on-chain analysis firm Santiment, Cardano saw a 9% increase in its market capitalization this Thursday, with a 36% increase over the last two weeks.
#Cardano has been the big story Thursday, with its market cap growing +9% in the past 24 hours and now +36% over 2 weeks. As usual, #onchain activity hinted at this #bullish action with $ADA address activity & whale transaction at their highest in 3+ months.… pic.twitter.com/IYBBk3ssf4
— Santiment (@santimentfeed) November 2, 2023
The on-chain analysis firm highlighted that this bullish trend was anticipated when analyzing Cardano’s on-chain activity. Santiment detected increased activity in whale addresses and transactions (large ADA holders), reaching their highest levels in over three months.
Cardano regains lost enthusiasm
Cardano’s resurgence comes amid a bullish movement in the cryptocurrency market, slowly recovering from the explosive drop it experienced since 2022, when Bitcoin reached its all-time high of approximately $67,000.
Since then, ADA dropped from $1.5 in early 2022 to lows below $0.2, but it is now trading close to $0.351. It seems that Hoskinson’s favourite cryptocurrency has returned to its glory days.
Can Cardano sustain its bullish momentum and return to all-time highs above $3? According to Santiment analysts, it is possible, considering that on-chain activity indicates the project has a solid foundation for further growth in the short and medium term. For now, we will have to monitor Bitcoin’s price to determine if we are indeed witnessing a new bullish crypto market rally or just a passing excitement.
Solana and XRP Join the Crypto Rally
Cardano is not the only cryptocurrency experiencing a bullish push; other cryptos like Solana and XRP have surged and continued their bullish run despite minor Bitcoin setbacks.
For instance, Solana (SOL) has surged by 44% in the past week, going from $31.04 to a high of approximately $47, making it one of the best-performing cryptocurrencies in the weekly market. This significant increase adds to a bullish streak that started a few weeks ago, leading SOL to gain over 88% in the last month.
Furthermore, analysts are optimistic about Solana’s prospects for the coming years, with incredible price predictions of over 10,000%. It was quite impressive for a cryptocurrency that had dropped more than 97% from its all-time high of $260.
As recently reported by ZyCrypto, XRP has also garnered significant interest from many investors, as Ripple appears close to winning its long and tedious battle against the SEC. At the time of writing, XRP is trading at $0.68, marking a 15% increase over the past week, according to CoinMarketCap data.