Cardano

Rally

Billion

<ul> 
 <li aria-level="1">Cardano’s TVL surpasses $700M, aiming for $1B; growth driven by strong fundamentals and increased investor confidence.</li> 
 <li aria-level="1">Key contributors to TVL include lending platforms Liqwid, Indigo, and DEX Minswap, managing over 50% of total funds.</li> 
 <li aria-level="1">DEX trading volume on Cardano spiked from $1.9M to $31.5M in November, indicating heightened user activity and engagement.</li> 
</ul> 
Cardano has seen a increase in its Total Value Locked (TVL), surpassing $700 million, with its sights set on the next benchmark of $1 billion. This growth raises questions about how it might affect ADA’s market value.&nbsp; 
Throughout November, Cardano exhibited a strong rally, supported by solid fundamentals, which pushed its TVL to a new record of $713 million. This marks a significant recovery from a previous downturn that had reduced its value to around $500 million. 
TVL, which measures the total funds held within blockchain networks, particularly in DeFi protocols, experienced a considerable rise on the <a href="https://www.ethnews.com/cardanos-founder-advocates-for-blockchain-unity-a-bold-call-for-collaboration-in-2025/">Cardano platform</a>. This increase is commonly interpreted as a sign of increasing investor confidence.&nbsp; 
<figure id="attachment_110010" aria-describedby="caption-attachment-110010" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-110010" src="https://www.ethnews.com/wp-content/uploads/2024/12/Cardano-TVL-soars.png" alt="Cardano TVL soars" width="781" height="413">
 <figcaption id="caption-attachment-110010" class="wp-caption-text">
 Source: DefiLlamas
 </figcaption>
</figure> 
According to data from DeFiLlama, the key drivers of <a href="https://www.ethnews.com/ada-skyrockets-by-40-as-cardanos-tvl-approaches-700-million-benchmark/">Cardano’s TVL</a> include the lending platforms Liqwid and Indigo, along with the decentralized exchange Minswap. These protocols collectively manage over 50% of the total TVL, amounting to $430 million. 
Additionally, the trading volume on Cardano’s decentralized exchange (DEX) has reached new yearly highs. Starting at just $1.9 million at the beginning of November, the trading volume soared to $31.5 million, representing a 17-fold increase in just one month.&nbsp; 
<figure id="attachment_110014" aria-describedby="caption-attachment-110014" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-110014" src="https://www.ethnews.com/wp-content/uploads/2024/12/artemis-cardano-tvl.png" alt="artemis-cardano-tvl" width="1040" height="577">
 <figcaption id="caption-attachment-110014" class="wp-caption-text">
 Source: Artemis
 </figcaption>
</figure> 
This surge in trading volume not only indicates increased user activity but has also been correlated with strong <a href="https://www.ethnews.com/is-cardano-following-xrp-to-a-10-target-experts-back-these-5-ada-alternatives-for-bigger-bull-run-gains/">ADA price performance</a> during the same period. 
The number of users on the platform doubled from 30,000 to nearly 90,000 by the end of November. Simultaneously, ADA’s price increased by 272%, reaching a yearly high of $1.3. This price rise is partly due to the increased trading volume and overall network growth, which could propel ADA toward revisiting its 2021 high of $3 if the trend continues. 
Looking forward, ADA’s price trajectory will depend on its ability to maintain stability above $1 and a clear $1.5 high from the last cycle. The recent price rally has positioned the altcoin within the $1-$1.5 range established in 2021. ADA maintained this range for three months before a breakout that led to a peak of $3. 
ADA’s recent price rally was not merely a market speculation; strong fundamentals also played a crucial role, indicating a steady growth path for Cardano’s ecosystem. 

<div class="cryptoboxes" id="mcw-12352" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="ADA" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
Currently, Cardano (ADA) is priced at $1.132 USD, showing a 4.71% drop in the past 24 hours. Over the last 30 days, it has seen a substantial rise of 275%, with a 24-hour trading volume of $33.85 million and a market capitalization of approximately $39.72 billion. 
<figure id="attachment_110018" aria-describedby="caption-attachment-110018" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-110018" src="https://www.ethnews.com/wp-content/uploads/2024/12/ADAUSDT_2024-12-04_21-42-12.png" alt="ADAUSDT_2024-12-04_21-42-12" width="1667" height="929">
 <figcaption id="caption-attachment-110018" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
Key highlights: 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Key resistances: $1.20, $1.25, and $1.50.</li> 
 <li style="font-weight: 400;" aria-level="1">Support zone: $1.14. A drop below this level might push the price towards the 20-day EMA at $0.96.</li> 
 <li style="font-weight: 400;" aria-level="1">Current trends: Technical indicators show mixed signals with volatile movement but indicate a medium-term bullish trend.</li> 
</ul> 
The post <a href="https://www.ethnews.com/cardanos-rally-toward-1-billion-tvl-a-sign-of-market-strength/">Cardano’s Rally Toward $1 Billion TVL: A Sign of Market Strength?</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Cardano’s Rally Toward $1 Billion TVL: A Sign of Market Strength?

ETHNews

Other articles published on Dec 5, 2024

Haven1 Secures $4.6m in Private Round, Backed by Industry Giants

Will DOGE Stay Bullish as Bitcoin Breaks $100K?

Hyperliquid Price Prediction: HYPE Pumps 9% As This Innovative Staking Meme Coin Raises Over $8.6...

5 Hidden Crypto Gems That Could Transform $10 Into $1000 by 2025

Zeus Network Launches ZeusNode to Boost BTC Liquidity on Solana

Bitcoin Price Hits New ATH: Is $120K the Next Target in 2024?

Join our free newsletter for daily crypto updates!