Charles Hoskinson’s cryptocurrency, Cardano (ADA), has seen significant growth in recent days thanks to the rising momentum in the crypto market following the excitement surrounding the potential approval of a spot Bitcoin ETF.
Report from Santiment on Cardano
According to on-chain analytics firm Santiment, Cardano experienced a 9% increase in market value on Thursday. The token has seen a 36% increase in the past two weeks. Santiment highlighted that this upward trend was expected when analyzing Cardano’s on-chain activity. They also discovered that whale addresses and transactions reached their highest levels in over three months.
Furthermore, Cardano’s resurgence comes after the crypto market slowly recovered from the drop it experienced since Bitcoin reached its all-time high of around $67,000 in 2022. During this period, ADA dropped from $1.5 at the beginning of 2022 to below $0.2. However, it is now trading near $0.351. Can Cardano sustain its upward momentum and return to all-time highs above $3?
General Market Rise in the Crypto Markets
Considering the solid foundation for further growth in the short and medium term shown by on-chain activity, this is possible, according to Santiment analysts. Additionally, Cardano is not the only cryptocurrency experiencing an upward trend. Other cryptocurrencies such as Solana and XRP have also seen increases despite minor setbacks in Bitcoin and continue to rise.
Furthermore, Solana (SOL) saw a 44% increase last week, rising from $31.04 to approximately $47, making it one of the best-performing cryptocurrencies in the weekly market. This significant increase contributed to SOL gaining over 88% in the past month since the upward trend started a few weeks ago.
