Cardano’s native token, ADA, is up to a promising start in 2023, with a surge of over 4%. On the token’s price chart, ADA leaves a green trail behind, indicating a possible bull run for the coin this year.
ADA Still Pumping Amid Bear Season
Last year was the polar opposite of 2021, which saw all-time highs in cryptocurrency prices and a total market capitalization of more than $3 trillion.
The whole cryptocurrency market experienced crisis at the close of 2021 and the beginning of 2022, which sent prices spiraling downward, reduced the market cap to $800 billion, caused token prices to drop, and even caused some tokens to go extinct from the market.
Although it is impossible to forecast what will happen in 2023, Cardano’s native token, ADA, has had a boom in price, leaving green trails on the token’s chart.
Although ADA was severely impacted by the crypto winter, it experienced a pump near the end of 2022 with the return of its founder to Twitter.
Since there was so much speculation around this pump, many investors were skeptical about Cardano’s ability to dominate the market given that it lagged behind other top trading coins in terms of trading volume and activity.
When ADA went on a four-day surge at the end of the year, recording surges of up to 4%, it showed that whales had been investing into the ADA market.
Opinions Surrounding The Pump
Dan Gambardello, the founder of Crypto Capital Venture, predicts that ADA will be among the best alternative currencies to own in 2023. He also foretells that most people might not realize this until it increases by over 1000%.
However, another observer, crypto trader Gareth Soloway, argues that what is happening is a January effect in which coins experience a false pump before the true dip begins.
Santiment, a blockchain analysis company, has linked these ADA pumps to three factors: It argues that ADA has been kept under the radar for far too long and is gradually making its way to prominence.
The number of whales accumulating ADA in their wallets has greatly increased; and finally, there have been less dumps in the previous year, indicating more holds.
At the time of writing, ADA is trading at $0.25 up by 4% from past 24 hours.
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