Why is the price of Cardano (ADA) Rallying Over Dogecoin & XRP?

Regarding worth, 2022 was a tumultuous year for the cryptocurrency industry as a whole, including Cardano (ADA). While the price of Cardano has surged by about 7% in a day, the transaction volume for ADA over the past twenty-four hours has risen to about $250 million.

Cardano underwent the majority of its development activity last year, calling increased attention to itself, and now the whales’ have answered by making massive purchases of ADA.

Cardano’s (ADA) price has climbed since January

Some of the positive changes in the price of ADA may have been brought on by the development of the Cardano DeFi ecosystem.

Total Value Locked (TVL) has climbed from its previous $48.95 million low on January 1st to its present value of $52.53 million, according to data provided by DeFiLlama.

After a protracted four-week decline, the price of Cardano’s ADA has finally broken out from a two-year low of $0.24. After losing more than 25% of its value at the beginning of December 2022, ADA recovered a little more than a third of its value in January of the following year.

Another aspect of the price increase that may be at play is the involvement of larger ADA investors. The data supplied by WhaleStats shows that huge BSC whales are also very interested in buying Cardano (ADA) tokens.

ADA purchases are responsible for the 4,000 biggest BSC whale purchases made in the past 24 hours, placing them among the top 10 whale activities. The top BSC whales also hold a combined 19.9 million ADA, which is equal to $5.19 mil at the current market price and is 0.68% of the total supply.

ADA’s hive of development activity takes the lead

Cardano scored as the most active protocol in terms of development activity, according to a survey released by the behaviour analysis platform Santiment.

The second and third most active protocols, respectively, were Polkadot (DOT) and Cosmos (ATOM). The most recent data confirms Cardano’s prior achievements, with development activity rates in GitHub in November 2022 at 18% greater than those of the next-ranked asset, which had 572.67 generated events.

Cardano (ADA) is currently trading for $0.28, as things stand. According to crypto market tracker, CoinMarketCap, this indicates a climb of 0.2% over the last hour but a staggering 7.3% over the previous 24 hours.