Cardano (ADA) Market Cap Reaches 7 Million Mark, ADA’s Future Seems Promising

Cardano (ADA) end the third trading day of this week with sustained gains. On Wednesday ADA, gained 1.5%.

ADA, which is a native token of Cardano Blockchain has recently seen a wider surge in its demand on the Cardano exchange

The cryptocurrency which previously fell by -$0.31s, is now back in the green in the current week. As of now, ADA is up by 6%.

However, Cardano’s ADA has had an extremely harsh year so far in terms of its market performance and price increase. The year 2022 has been an extremely bear run for ADA.

On the technical side, ADA plunged from its all-time high of $2.9706 to $0.3032, losing 89% of its gain.

ADA Reached $7 Million Mark

Cardano Blockchain has received solid support from users regarding the basic operational fundamental of the blockchain.

The market capitalization of ADA on its native blockchain has reached the 7 million mark for the first time. This makes ADA the sixth-largest cryptocurrency in the world by market cap.

This rate of issuing native tokens by the Cardano Blockchain is not only impressive but one of a kind.

Experts have said that if the demand for ADA continues to grow at the same rate, the market cap of ADA by the end of 2023 will touch the 10 million mark.

According to the data public by the Cardano Blockchain, Cardano was ranked no. one Blockchain in terms of daily activity on Wednesday, November 30th, 2022, surpassing other names such as Cosmos and Ethereum.

Despite the fact that on Cardano Blockchain the currency’s market cap has reached the 7 million mark, this high market cap does not guarantee a high price in the market.

Cardano’s Consistency and Security Speaks for Itself

Cardano since its inception has always been regarded among the world’s most-trusted crypto platforms in terms of the development of new projects.

As Cardano is planning to develop its Cardano DeFi ecosystem in the future, investors are confident that this will help Cardano to add more stability to its native token ADA.

The blockchain has already announced that its technicians are working on the development of a new security-oriented blockchain.

The successful completion of this new blockchain can further strengthen ADA’s market position.

Moreover, Cardano is also working to introduce its first-ever stable coin in 2023, which could help ADA to achieve another price hike.

If all these plans are executed flawlessly, this will help ADA to leverage more liquidity into its blockchain.

Cardano Price Analysis for Future

As of now, ADA’s future looks promising. The fact is that Cardano has always been praised for its development initiatives, but when it comes to the price of its native token ADA, it remains occupied by bearish trends.

Even though ADA’s price hiked by $0.30 before plunging by -$0.31s, it is yet to reach its pre-FTX collapse mark which was $0.40s, by the start of November 2022.

A technical look at ADA’s market performance highlights that the cryptocurrency is fighting against bearish trends since the mid of August 2022.

Crypto analysts on the other hand believe that ADA’s 7 million market cap is a clear indication investors have strong faith in ADA turning big in the future.

On Wednesday Cryptocurrency markets across the globe were filled with bullish trends. As the result, ADA’s market price also peaked at $0.30s.

A further price hike up to the $1.0 mark seems highly impossible for ADA shortly. But the possibility that ADA can hit the $1.0 mark cannot be ruled out for the long run of time.

ADA’s future looks promising due to its larger market cap, but this depends on the market stability.

It is important to consider that if the market share of ADA continues to grow on the Cardano blockchain, investors might put some of the currency into the crypto lending platforms for sustainable growth.