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BTC $47470.34 (-1.0%)
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USDT $1.00 (0.13%)
BCH $615.09 (-1.4%)
BSV $162.83 (-5.5%)
LTC $177.11 (-1.5%)
BNB $414.59 (1.39%)
ADA $2.33 (-1.3%)
DOGE $0.23 (-1.0%)

Cardano (ADA) Price, Market Cap Doubled in Two Weeks

Cardano (ADA) Price, Market Cap Doubled in Two Weeks
  • Cardano (ADA) price and market cap nearly doubled in two weeks.
  • ADA price went from $0.44 on February 3 to $0.88 today.
  • More so, its market cap nearly doubled from $15 billion to $28 billion.
  • ADA has seen continuous growth since 2017, driving the altcoin as the fifth-largest digital asset by market capitalization.

Cardano (ADA) price and market cap doubled in two weeks. As a result, the altcoin rose as the fifth-largest cryptocurrency by market cap.

ADA Price and Market Cap Doubled in Two Weeks

Cardano has seen continuous growth since 2017. For this reason, it is one of the top five crypto in the market cap. ADA price went from $0.44 on February 3 to $0.88 today. Moreover, a crypto analyst has predicted that ADA will hit $5.

According to the Statista report, its market cap nearly doubled from $15 billion to $28 billion in just two weeks. This is amidst a growing buying activity from crypto investors during this time.

Market capitalization of ADA from Oct. 2017- Feb. 15, 2021 (Source: Statista)

Cardano stood apart because of its close connection to Ethereum. Also, due to detailed transaction records in its ledger. More so, this potentially makes the cryptocurrency more secure than others. However, Cardano is not popular in comparison to the Bitcoin and Ethereum market caps.

Recently, Cardano announced the launch of its new update Goguen, replacing the previous Shelley protocol. This news might also be one of the factors of ADA price growth, driving the altcoin to be one of the best cryptocurrencies to invest in 2021.

Cardano Price Prediction 2021

According to CoinGecko, the ADA price is at $0.867 at the time of writing.

Cardano Price Analysis Chart
Cardano Price Analysis Chart (Source: TradingView)

The graph above shows a great performance of ADA/USDT in the past few days. If this continues, the crypto can be seen to run along with the bulls in breaking the resistance level of $0.97, leading to a high price of $1.

In contrast, if the ADA price fails to maintain its position, the digital asset might break out of its bullish position and fall along with the bears at the support level of $0.68. In this situation, the cryptocurrency must find a way to retrieve it quickly. Otherwise, the ADA price might fall even more.

Meanwhile, the relative strength index (RSI) of the ADA is now at its oversold state. Consequently, traders should trade with alertness to avoid price reversal risk.

Read Also: Cardano (ADA) Price Prediction and Price Analysis 2021

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.