Over the past 24 hours, Cardano (ADA) has experienced a significant surge of 7.94%, increasing from $0.3678 to $0.397. Analysis from Santiment indicates that Cardano is likely to outperform Bitcoin and Ethereum based on its 30-day MVRV metrics.
With the conclusion of the SEC investigation into Ethereum, there has been a positive shift in sentiment towards the digital asset. This has had a ripple effect in the global crypto market, leading to an optimistic outlook for potential recovery.
Currently, Cardano is showing bullish momentum, trading at $0.3856 with a market cap of $13.77 billion, making it the 10th largest cryptocurrency. According to Santiment, Cardano is expected to perform well compared to other top cryptocurrencies, with the 30-day MVRV metrics pointing towards a favorable trend for ADA and other altcoins.
Analysts are optimistic about Cardano’s ADA, predicting a potential increase to $1 or more in the near future. Despite this positive outlook, Cardano is still significantly below its all-time high of $3.10, down by more than 87%.
These recent developments underscore a changing landscape in the cryptocurrency market, where regulatory clarity and positive market indicators are shaping investor sentiment and price expectations for various digital assets.