Cardano (ADA) is actively participating in the altcoin market rally, with its price surging by 8% in the past 24 hours, surpassing $0.30. At the time of writing, ADA is trading at $0.3044 with a trading volume of over $358 million, representing a 15% increase. So, what’s next for this major altcoin?
ADA Price Expectations for November
CryptoRank provides a nuanced perspective on ADA based on historical data. Looking at the price history, the altcoin has delivered an impressive average monthly return of 43.5% in November. However, the median monthly return presents a more cautious outlook at -2.5%.
A closer look at ADA’s past performance reveals some interesting findings. Over the past five years, it has notably achieved a significant positive outcome, with an 84% gain in November 2020. Considering this historical context, ADA investors may face two potential scenarios for November: a strong increase of 43.5% to reach $0.41 or a drop to $0.279.
Data from IntoTheBlock indicates an increasing confidence among ADA investors. Long-term trust in ADA’s price has notably risen in the past few months, with the number of wallet addresses holding ADA without selling for an extended period reaching 2.7 million. Interestingly, there has been a noticeable decrease in the number of wallet addresses holding ADA without selling for less than a year, which signifies a significant shift in the hodling approach among these investors.
Noteworthy Cardano Developments
Charles Hoskinson, the co-founder of Ethereum and creator of Cardano, recently addressed concerns within the Cardano community. Hoskinson emphasized the commitment of Input Output Global (IOG), the organization behind Cardano’s development, to build, expand, and bring new users and experiences to the Cardano ecosystem.
Hoskinson acknowledged the significant contributions of various projects and individuals, highlighting Nami, Midnight, and others. He emphasized that like all decentralized application companies in Cardano, IOG also offers products and services with the goal of onboarding millions of users to the platform. The founder of Cardano also referred to the transparency in sharing the organization’s plans and projects with the community.
Hoskinson also mentioned CIP 1694, which aims to develop the ecosystem, and revealed that IOG’s goal is to create the best wallet address in the cryptocurrency industry and gradually introduce Bitcoin (BTC) and Ethereum (ETH) users to Cardano.
