Cardano (ADA) Can It Hit a New All Time High?

Bittime - Cardano (ADA) token price has recently attracted the attention of the crypto community. Strong market activity saw Cardano's daily active addresses surge to its highest level this year, surpassing 76,000. With this surge, ADA seems to have succeeded in conquering the price level above IDR 11,600.

Also Read What Is All-Time High (ATH)?

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Cardano (ADA) Defies Criticism 

Cardano managed to break critics who called it a “dead chain”. The latest data from Santiment shows a significant increase in the number of daily active addresses, indicating strong network engagement. 

Also Read Understanding Public Addresses in Cryptocurrency

This increase in activity coincided with ADA's recovery efforts after a sharp price drop on March 5, following Bitcoin's correction that affected the overall market. Even though it had slumped, Cardano managed to recover impressively, closing above IDR 10,000 after touching IDR 8,300.

Analysts View Optimistically

Leading crypto analyst, Michael Novogratz, recently expressed his optimism for Cardano's future. In an interview with Bloomberg on March 10, Novogratz highlighted Cardano's technical excellence and the project's growing ecosystem. 

Michael Novogratz believes that widespread blockchain adoption will benefit platforms like Cardano that offer high scalability and security.

"Cardano has a solid development team and promising technology. The growth of developer activity on the Cardano network is also a positive indicator," said Novogratz.

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Surge in On-Chain Metrics and Attempt to Cross IDR 11,600

The spike in daily active addresses, which peaked at 76,455 on March 6, represents a 55% increase over the low point recorded a few days earlier. This increase in market participation was accompanied by a significant increase in trading volume. ADA recorded a 24-hour trading volume of IDR 17.7 trillion on March 6, far exceeding the February average.

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Cardano (ADA) Futures Soar

Additionally, Cardano's futures Open Interest (OI) surged to IDR 8.6 trillion on March 5, marking the highest level since April 2022. Despite the subsequent decline in active addresses, which currently stand at 57,598, the figure is still much higher than the average previous month. 

ADA's latest attempt to penetrate the IDR 11,600 price level is stuck at IDR 11,500, but currently trading on the Bittime.com market is around IDR. 12,000

ADA appears to be preparing to try again to reach that target.

Cardano faces stiff competition from other Layer 1 blockchains such as Ethereum and Solana. 

However, increased on-chain activity and positive sentiment from analysts indicate ADA's future growth potential.

How to Buy Cardano (ADA) on Bittime

You can buy and sell Portal (ADA) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Cardano (ADA) is available on Bittime with the ADA/IDR market pair . To be able to buy ADA IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Cardano (ADA) on Bittime . 

Monitor the price chart movements of Portal (ADA), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:
What is Layer 1 Blockchain? How Crypto Layer 1 Works and List

Cardano (ADA): Comprehensive Analysis for Beginners

Cardano (ADA): Innovative Blockchain with Full Details

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.