Although the cryptocurrency market experienced minor stagnation in the past 24 hours, most assets within the market have continued to achieve notable gains. Cardano (ADA) is a prime example, having seen an influx of nearly $2 billion in market capitalization in just one week.
To be precise, as of the current moment, Cardano’s market capitalization stands at $12.40 billion. This marks an impressive increase of $1.93 billion, equivalent to 18.43%, compared to its value of $10.47 billion seven days ago. This information is sourced from CoinMarketCap, as of November 7.
Price Analysis
As of the latest available data on November 7, Cardano (ADA) was trading at $0.3457 per unit, reflecting a 1.57% decrease over the past 24 hours. However, the cryptocurrency has still managed to maintain a substantial 16.46% gain over the previous seven days and an even more remarkable 35.01% increase on its monthly chart.
Notably, the Cardano network has experienced a surge in ADA address activity, especially among its whales, with their transactions spiking by more than 30% in the last three weeks of October. This heightened activity suggests a bullish sentiment within the Cardano community, as reported by Finbold on November 4.
In a separate development, the Polkadot (DOT) network has recently announced a strategic partnership with Cardano. Input Output Global (IOG), Cardano’s primary development team, will utilize Substrate, Polkadot’s core blockchain SDK, and its modular technology to create a ‘partner chain’ project.
Indeed, the above collaboration is part of IOG’s roadmap for Cardano, which plans to introduce a new framework that would allow a family of independent, interoperable Layer 1 networks to grow, as outlined in more detail by the blockchain company’s founder Charles Hoskinson at the recent Cardano Summit 2023.