DailyCoin Cardano Regular: ADA Hits Yearly High, Bests Top 10 Crypto Picks

Cardano embarks on a historical run, significantly outshining its rivals.

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Created by Gabor Kovacs from DailyCoin
  • Cardano has quietly claimed the ‘Best Performer Title.’ 
  • Having surged 49% since the last DailyCoin regular, ADA has its eye set on $1. 
  • While ADA has its historic run, Charles Hoskinson picks fights with crypto communities.

Cardano (ADA) comes bearing gifts, outpacing its rivals as the top performer since our last DailyCoin Regular. With ADA marking a new yearly high, the community’s anticipation for the next bull run is unprecedented. As we approach the new year, the question is: Will Cardano reach $1? 

In this edition of our bi-weekly update on Cardano, we turn to our expert, Insha Zia, to provide insights into these developments as you enjoy your eggnog and the merry season.

News and Events: Understanding the Impact

Cardano Shoots Past $0.5, Marks New Yearly High 

Cardano’s performance this quarter has been remarkable, staging an impressive recovery after enduring two lackluster quarters. Having successfully printed eight bullish weekly candles and moving beyond $0.4 for the first time since April, the token has marked a new yearly high, moving confidently beyond $0.5.

Cardano’s recent performance aligns with the prevailing optimism and excitement in the market following Bitcoin’s ascent. Market participants and experts are becoming increasingly excited, predicting that the token is poised to reach $1 soon. 

Cardano Slips Past BTC to ETH to Clinch ‘Best Performer’ Title

Cardano has been on a historical streak since the last DailyCoin regular. While Bitcoin, Ethereum, and Solana stole the limelight after reaching 2022 highs, ADA quietly claimed the ‘Best Performer’ title among the top 10 crypto projects. 

According to CoinMarketCap, over the past week alone, Cardano has surged by an impressive 41%, significantly outpacing the more modest 10 to 15% gains of Bitcoin, Ethereum, and Solana during the same period. 

Cardano Moves to Top 10 DeFi Platforms

Table of defi TVL rankings.
TVL Rankings. Source: DeFiLlama.

Cardano’s ascent this month hasn’t just impacted its market position but also fueled growth in its DeFi sector. Traditionally lingering around the 16th spot, ADA’s breakthrough beyond $0.5 has propelled it into the top 10 ranks.

ADA’s rally from $0.4 to $0.5 added over $100 million to its DeFi Total Value Locked (TVL), bringing the total to $361 million. According to DeFiLlama, this surge has positioned Cardano at the ninth spot based on TVL, surpassing competitors like Bitcoin, Base, and Cronos.

Charles Hoskinson Calls Out Bitcoin Maxis

Cardano Founder Charles Hoskinson recently took to 𝕏 to confront the escalating trends of maximalism within the crypto space, addressing the fallout from his earlier controversial comments about the SEC handing out passes to Bitcoin and Ethereum.

Responding to the scrutiny from the Bitcoin community, the founder questioned the decentralized nature of Bitcoin, arguing the network was centralized in its early stages because one actor controlled everything. 

Challenging Bitcoin maximalists, the rowdy founder pointed out their dismissive attitude toward altcoins. He emphasized the community promoted cult-like advocacy that only Bitcoin held long-term value, and everything else was a scam. Hoskinson questioned their judgmental stance towards Cardano, stressing that his network brought tangible benefits to Bitcoin’s technology, particularly with Extended UTxOs.

Cardano Founder Exchanges Punches with XRP Community

Charles Hoskinson and the XRP community have been at each other’s throats for a long time, consistently trading verbal blows, particularly regarding their perspectives on the SEC’s perceived leniency towards Ethereum. 

During a recent AMA session, Hoskinson doubled his stance, asserting that US regulators have been unjust in their crypto crackdown. Mr. Huber, an influential figure in the XRP community, fired back, accusing him of hypocrisy and implicating him in covering up Ethereum founder Joseph Lubin’s corruption and bribery of the SEC. 

The Cardano founder exchanged fire, dismissing all allegations, and framed the matter as a grand conspiracy orchestrated by XRP enthusiasts, despite the latter’s efforts to emphasize their position to the founder. 

Current Outlook

ADA Price chart.
Cardano (ADA) Price Chart. Source: TradingView.

Cardano has witnessed a remarkable price increase over the past two weeks, rising 49% to its current price of $0.5428. ADA’s historic rally has boosted investor confidence and sparked enthusiasm across exchanges, derivatives, and on-chain markets at the time of writing. 

Given ADA’s bullish structure, the token appears poised to advance toward the liquidity range at $0.85 in the following weeks, bringing it close to the highly anticipated $1 price level. 

The market is buzzing with excitement, which is evident in Cardano’s long-to-short ratio, which maintains a positive position and signals a considerable surge in investor buying. 

On the Flipside

  • Market dynamics can be unpredictable, so it is essential to consider alternative perspectives and opinions when evaluating the potential future performance of ADA.
  • Cardano’s yearly growth currently sits at 135%. Last quarter, ADA struggled to push its annual growth above 5%. 
  • With Cardano’s recent price performance, only 38% of ADA holders remain in losses. In the previous quarter, this figure stood significantly higher at 93%.

Why This Matters

As an asset, Cardano is finally having its run, allowing investors to rejoice and sit back while it prints bullish candles. While it’s uncertain how long this rally will go on, market participants are brimmed with joy as ADA moves with renewed aggression.

Read more about Oasys’ new partnership:
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Read the last DailyCoin Regular:
DailyCoin Bitcoin Regular: Is Santa Coming with Gifts this Holiday? 

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.