Is Cardano Price preparing To Hit New All-Time High?
The ADA price has remained relatively muted even after some relatively positive news. It has been trading above $1 for the past few weeks now while other digital currencies have surged. Even though Cardano has kept up with its consistency the altcoin’s price was relatively down by 17.85% when compared to its ATH on the charts.
Among a few other recent innovations in the Cardano ecosystem, the CRFA staking pool recently reduced its charge from 1% to 0% until 5 million ADA has been staked.
The staked ADA had just surpassed 3.1 million at the time of publication. What was the nature of this task? As a result, there has been a decrease in liquidity, as well as a rise in the price of ADA.
Although the price of the crypto-asset may not be the most important or predictive of Cardano’s trend, its inflows, outflows, and on-chain data may provide more information.
According to the attached graph, the total amount of ADA staked has surpassed 70% of the circulating stock. Another important metric is the number of new ADA wallets, which has declined, but the percentage of total ADA wallets staking has risen. This is a sign of a longer-term market rally that is only getting started and striving for a local peak within 5% of its all-time high.
Cardano can now get smart contract features thanks to the Alonzo hard fork. Cardano’s most recent hard fork, which added native tokens and babel fee functionality, saw the price of ADA spike to an all-time high of $1.48 earlier this year.
Creator Hoskinson lately revealed that Cardano is gearing up to be a top NFT platform in the long-term. Although Cardano’s Project Catalyst currently has about 6 NFT marketplaces seeking funding, Hoskinson expressed an interest in providing financial and technical support to these projects outside the reach of the funding project in order to help them expand even faster.
Until now, DeFi’s network activity has provided Ethereum’s increasing market capitalization. Cardano is gearing up to give a tough fight to its rival Ethereum. With smart contracts, onboard Cardano will be stronger and can fuel competition with ethereum.