Cardano has lately been targeted by several crypto enthusiasts. Recently, BitMEX CEO Arthur Hayes comments have propelled a heated debate within the ADA community. The community was divided, with crypto fans driving negative sentiments forward to establish a solid conclusion.
In the midst of it all, a report by AlphaQuest dubbed the Cardano ecosystem as the one harboring the most dead projects.
Despite the influx of elevated criticism, Cardano seems to be holding its ground firmly, trading at $0.6063, up 1.46% in the last 24 hours.
So what’s driving its stellar growth? Let’s find out.
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Why is Cardano rising?
Despite the outburst of negative remarks, Cardano is performing remarkably well as of late. The crypto has recently been dubbed the second most decentralized crypto by analyst Justin Bon.
Another prominent crypto analyst on X, Cardano Yoda, observed how the number of ADA accounts has increased to 2.5 million. Such positive developments have propelled Cardano to climb further ahead, carving a new identity in the crypto market space.
Per a recent analysis conducted by Minswap Labs, Cardano is still a popular choice among developers to explore and experiment with. The DEX further concluded that the bear market sentiment could not faze Cardano’s popularity, helping it attain the 6th most popular crypto coin position.
What is Cardano’s future?
Poised to gain further market momentum, Cardano is expected to break its current price behavior to ascend to new heights. At press time, the token is up 2.23%, trading at $0.6029.
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The crypto’s most ambitious threshold would be when it crosses the $1 mark. However, it will be a gradual process, with factors such as market movement, volatility, supply, and price action playing a crucial role in determining its price.
Per the experts at Changelly, this week’s ADAs price analysis suggests that the crypto can climb up to $0.636. A new analysis by Crypto Busy on X suggested a positive outlook for ADA, concluding that it may soon breach the $1 mark.