• Cardano (ADA) coin has been flashing green and has risen more than 7% in recent hours, possibly owing to risk-on market sentiment in the cryptocurrency market.
• The expansion of the Cardano DeFi ecosystem, which has positively helped the ADA price, could be linked to the reason for its upward advance.
• Major BSC holders, according to WhaleStats, are also interested in purchasing Cardano (ADA).
The cryptocurrency market has been experiencing an upsurge in the past few hours, with Cardano (ADA) being one of the major beneficiaries of this bullish trend. The digital currency has seen a surge of more than 7%, with its current value resting at $0.269 at press time.
This surge in the price of ADA can be attributed to a combination of factors, such as risk-on market sentiment, the expansion of the Cardano DeFi ecosystem and major BSC holders expressing interest in purchasing Cardano (ADA).
The risk-on market sentiment experienced in the cryptocurrency market has been a major contributor to the surge in ADA prices. This sentiment has been driven by news of large institutional investors, such as MicroStrategy, allocating a significant portion of their funds towards Bitcoin and other digital assets. This has caused investors to become more confident in the cryptocurrency space, which has led to increased investments in digital assets such as Cardano (ADA).
The expansion of the Cardano DeFi ecosystem has also positively impacted the price of ADA. The Cardano DeFi ecosystem is constantly expanding, with new projects being added on a weekly basis. This increased activity in the DeFi sector is driving up the utility of the ADA token, which is leading to an increase in its market price.
Additionally, major BSC holders have expressed interest in purchasing Cardano (ADA). According to WhaleStats, ADA purchases have been rated among the top ten of the 4,000 largest BSC whales in the last 24 hours. This increased demand for ADA is helping to propel its price higher.
Overall, it appears that the long-term outlook for Cardano (ADA) is bullish. With the cryptocurrency heading north to $0.2700 and breaking above the 38.2% Fibonacci retracement level, ADA has the potential to reach $0.300 if buyers sustain the bullish momentum. Additionally, with DeFi activity and whale purchases on the rise, the future looks bright for ADA.