TL;DR
Cardano’s native token – ADA – is among the few digital currencies that flash green today (November 3). Its price spiked above $0.32 (per CoinGecko’s data), representing a 5% increase compared to yesterday’s figures and a 30% rise on a two-week basis.
Its valuation spike coincided with an increased activity coming from large investors. According to Santiment, ADA address activity has jumped by 23% in the past three weeks, whereas ADA whale transactions have soared 32% for the same period.
The token’s impressive recent performance has given analysts the opportunity to lay out optimistic price predictions. One such bullish bet came from the X (Twitter) user Lucid, who envisioned that ADA could skyrocket to the astonishing $30 in the future.
The analyst believes that global inflation might act as a catalyst for the cryptocurrency market and push its capitalization to $10 trillion within the decade, while Cardano’s coin could be among those leading the rally.
Others, like the X user John Morgan, suggested a more modest price increase for ADA. The analyst agreed with a research that estimated the asset’s valuation could spike by around 43% based on a rapid surge of transaction volume.