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Blog

Date:
06th Jan 2021
Author:
CryptoAltum Research Team

ADA Price Adds 26%: The Beginning of a Cardano Rally? 


The ADA/USD price is up 26 percent, a step in the right direction, posting a strong start of the year. As of writing, data reveals that the coin is trading at $0.26, six cents above $0.20—a critical support. Backing the coin's spectacular performance is an array of fundamentals, including an uptick in new wallets and upcoming upgrades like Goguen, introducing smart contracts.


Details: 

In the last few months, altcoins, like ADA and those powering other smart contracting platforms, were comparatively depressed, at a time when the Bitcoin price not only retested $20k but blasted above it to a new all-time high above $34.8k. Prices are still consolidating near these levels. However, most analysts are calling tops. They predict that falling BTC prices will cause capital to flow to digital assets like Cardano (ADA). Accordingly, like Ethereum, ADA is now one of the top performers in the top-20. Investors expect upcoming platform upgrades and superior throughput to prop ADA bulls in the medium term. With these prognoses, ADA/USD prices could easily rise above $0.30 to $0.50.


Impact on the ADA Price: 

Bullish. Smart contracting anticipation, community participation, and expectation of superior DeFi experience in Cardano are developments that attract funds to the platform, pumping prices as a result.


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