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There has been a noticeable rise in cryptocurrencies since 2023. Cardano (ADA) has also benefited from this trend, experiencing a 40% increase since the beginning of the year. What’s intriguing is that 31% of this surge occurred in October. The reason behind this rise is the increasing demand for the native token, which investors can stake in exchange for staking rewards.
Cardano (ADA) Reviews and Current Status
According to StakingRewards.com, ADA currently ranks as the third-largest cryptocurrency by staking market value. As of November 7th, a total of 22.98 billion ADA tokens, worth $7.94 billion, are locked in the Cardano network.
What’s surprising is that 63% of the current ADA market value, which is equivalent to $11.83 billion, is locked in the protocol’s staking system. Participants are rewarded with a 3% return for staking their ADA. However, the “Real Reward Rate” adjusted for Cardano’s supply inflation indicates an annual yield of almost 0.38%, which is close to zero.
Cardano (ADA) Price in USD
In addition, the amount of ADA staked has increased by 54% in the past 24 hours. The trading volume has also seen a 103% increase during the same period, thanks to the rising trend in the market.
Furthermore, the daily price chart of Cardano may reflect the increasing demand for staking. As of now, ADA is trading at $0.357, with a 1.71% increase in the past 24 hours, reaching $0.37 on November 6th.
Moreover, there has been a $2 billion capital influx into ADA, resulting in a 16% gain during the week. The $0.40 level, close to where ADA traded last year, is seen as a significant resistance level that needs to be broken for investors to target higher levels.
In conclusion, the significant demand for ADA staking sheds light on investors’ preference to hold their ADA rather than sell it. Further news and developments in the cryptocurrency market can influence the performance of ADA, along with other cryptocurrencies, in the coming weeks.
