Cardano (ADA) price increases 13% in 24H, this is what could be driving it

After a more than month long slump in the cryptocurrency market, some cryptocurrencies have started a new round of recovery. Between them, Cardano (THERE IS) It is one of the most prominent cryptocurrencies. It recently overtook fellow “Ethereum killer” SOL to take the fifth position in the crypto top 10, according toCoinMarketCap.

What is Cardano (ADA)?

Launched in 2017, Cardano bills itself as a third generation blockchain, following Bitcoin and Ethereum, which were the first and second generation blockchains. Cardano intends to compete directly with Ethereum and other decentralized application platforms, saying that it is a more scalable, secure and efficient alternative.

Cardano (ADA) up 13% in 24 hours

ADA broke out on Jan 16-17 after relatively sustained and stable growth, bringing confidence and significant momentum behind this bullish move. Cardano is up an impressive 13% in the last 24 hours on Jan 17, priced at $1.55 at press time. Looking at the one-week time frame, it is up from a low of $1.07 so far, up 44%.

What contributed to Cardano’s (ADA) skyrocketing?

Coinbase fixes withdrawal bug

Cardano (ADA) price jumped after Nasdaq-listed cryptocurrency exchange Coinbase fixed a withdrawal bug that had the cryptocurrency community freaking out, as many are likely to have invested and held their Coinbase holdings. Sentiment for the cryptocurrency rose shortly after Coinbase apparently fixed a bug preventing withdrawals.

Improvement of the Cardano Ecosystem

The first usable decentralized finance (DeFi) application in the Cardano (ADA) ecosystem was launched after an under-the-radar bid. Earlier this year, the first usable decentralized finance (DeFi) application launched on its network. The app, a decentralized exchange called MuesliSwap, saw its total value exceed $1 million in two days. Along with that, recently VyFinance (VYFI), another DeFi protocol made its debut on the network. It is a protocol that aims to bring Neural Net AutoHarvesting & Hedge Fund Staking without KYC to Cardano.

What to expect from Cardano (ADA)?

ADA Beats Bitcoin As ETH Alternative: Twitter Poll

Cardano (ADA) overtook Bitcoin as the currency of choice in a Twitter poll published by Ethereum creator Vitalik Buterin about a hypothetical future without ETH. Of more than 600,000 respondents, 42% said they would prefer ADA to be the dominant currency in the future, beating Bitcoin’s 38.4%, SOL’s 13.1%, and USD’s 6.5%.

ADA equals Ethereum for transaction volume

According to data provided by Messari, Cardano has had a similar or higher transaction volume compared to Ethereum over the last 24 hours ($5.59 billion and $5.31 billion, respectively). The two rival cryptocurrencies are head to head when it comes to adjusted transaction volume. Notably, Cardano users only paid $75,380 in transaction fees over the last 24 hours compared to $44 million for Ethereum.

Combining the above factors, the price of Cardano is likely to go even higher.

How to maximize profits in this bull run?

With a bull run in sight, now is the time to invest in Cardano (ADA). However, there are still large fluctuations. If you want to maximize your profits and minimize your risk, trading with futures with 100x leverage.

How does 100X leverage work?

With futures trading with 100x leverage, traders can profit by either buying (going long) or selling low (going short). Also, traders can open a position with only 1% margin required with this tool. For example, if we use 1,000 ADA to open a long contract at the price of $1 and close it when ADA was trading at $1.5, our profit will be ($1.5 – $1)*1,000 ADA*100x/$1.5 = 33,333 ADA, making the ROI more than 3,000%.

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