The price of Cardano is showing a positive upswing, jumping to 8% in the last 24 hours. The recent spike has taken the crypto to a new high, stabilizing at $0.62. The recent price spike has propelled several crypto analysts on X to project their bullish predictions.
Also Read: Cryptocurrency: 3 Coins To Watch Under $1 as Bitcoin Hits $56,000
Why is Cardano Up Today?
After encountering minor downswings and sways in its pricing, Cardano seems to be holding its ground steady. The crypto has noted a 6% spike in its price primarily due to the rising Bitcoin spot ETF rush.
Similarly, it seems that the current crypto market momentum has been fueling ‘ADA’s recent price rally. With its pricing touching $0.60, analysts are keen on projecting whether they’ll witness its spike to $0.70 soon.
According to Changelly analysts, “current market sentiment for ADA is Bullish Bearish 9%, with a Fear & Greed Index score of 79 (Extreme Greed). Over the last 30 days, Cardano has had 18/30 (60%) green days and 8.07% price volatility.”
Also Read: Cardano: ADA Won’t Trade Below $1 Much Longer, Says Analyst
Other Reasons Driving Cardano’s Price Rally
ADA has emerged as one of the leading crypto coins to watch out for. The crypto has recently noted a surge in its adoption as evidenced by the surge noted in its wallet activity.
The data procured from Cardano Blockchain suggests ADAs increased adoption and popularity across all verticals. Per the new data, Cardano has noted a jump of 89% from 1,706 on February 22 to 3,227 on February 23 in its wallets, signaling increased user interest.
As of February 25, there are 4,593,350 ADA wallets, up from 4,533,847 in one month. The comparison shows how Cardano is leading the user-centric domain in terms of interaction and engagement.
Cardano Plutus V3 Update
Cardano’s parent company Input Output has launched the Plutus V3 engine on Cardano to boost its overall performance.
The newly launched protocol is poised to help developers and improve ADA’s current performance metrics.
“PlutusV3 introduces sums of products (SOPs) – an efficient data encoding method that optimizes script size and performance. With programs potentially running 30% faster, SOPs streamline operations for swift smart contract execution.” the report later shared.