Cardano Is Ready for the Next Rally With an Increase of 17%

ADA, the altcoin by Cardano, has managed to maintain a positive outcome on the crypto market in the past several days. This comes as a surprise to us all, as the crypto market lost its grip with a drop of 0.3%. Or to be more specific, it lost a combined $1.32 trillion.

Cardano’s Value at the Moment

At the moment, Cardano has a price of $0.354, which is up by 3.89% in the past 24 hours. In the past week, this crypto coin got a 17.59% increase in its value.

Putting aside the drop to $0.288 on November 1^st, Cardano was a major uptrend in the past month. It effectively paired off the losses it managed to print in some of its key metrics, especially its profitability level. According to the current situation, this coin appears ready for its leg up.

Based on the data provided by CoinMarketCap, the ADA altcoin features a 25.35% volume in the past 24 hours. The exact traded volume reached $321,972,263. There’s a good chance that ADA will surge again if there is a growing injection of capital into the coin.

Cardano’s sudden growth came as a result of both whale and retail buyers across the market. It was reported that these whale accumulations were rather consistent in the past quarter. They helped ADA get in line with Ethereum and Bitcoin.

Cardano’s Growing Ecosystem

As Cardano is enjoying a positive state concerning its value, it also brags about its growing ecosystem. With this action, it’s making sure to strengthen its growth. The crypto protocol did manage to launch many products over the course of this year. Their impact is widely felt in the market at the moment.

Among the latest innovations that were introduced by Cardano is the Midnight Protocol. Its purpose is to build a key role as a privacy tool to cement the aspirations of the majority of Web3 systems.

There are rumours that a Midnight (DUST) airdrop might also be on the way for ADA holders. They come as a result of the broader activity of the network’s ecosystem, which is built to grow even further.

Cardano also announced that it will utilize Substrate, which is a foundation of the Polkadot SDK. It will use it to build out its own “partner chain” project.

This demonstrates Substrate’s ease of integration with other blockchains and platforms, as well as its potential for growth throughout the Web3 ecosystem.

The leading developer of Cardano, IOG, defines Substrate as a reliable open-source modular framework. According to the developer, they plan to provide a set of composable modules to expand Substrate’s abilities.

Substrate is created as a flexible framework that is used to build customized blockchains. By using this framework, the blockchains will acquire security features from the Polkadot relay chain. It will do all of that while still keeping full control over its own governance and features.

Additionally, Substrate can also find its use when creating independent blockchains such as Polygon’s Avail network. Developers are allowed to compose custom runtimes with desired functionality thanks to its modular design.