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Cardano (ADA) has shown remarkable performance over the past few days, surpassing the $1 mark for the first time in more than two years, achieving a daily increase of 23%. This rise boosted its market value to around $40 billion, making it the eighth largest cryptocurrency.
The positive momentum for ADA began two weeks ago when Charles Hoskinson, founder of IOG, announced his intention to contribute to establishing more supportive policies for cryptocurrencies in the United States by 2025, prompting ADA to rise by 30% in one day to $0.6. The gains continued gradually, with ADA surpassing the $0.72 level by the end of last week, and gradually rising to $0.9 on Friday evening. This morning, ADA reached a 2.5-year peak at $1.15 before settling at $1.10.
With ADA achieving significant breakthroughs, speculation has begun about the possibility of it reaching a value of $10. Achieving this goal would mean a market value increase for ADA to around $400 billion, putting it in direct competition with Ethereum (ETH). Reaching this ambitious goal depends on the continued positive momentum and ADA's success in facing upcoming market challenges.
It is worth noting that ADA's performance outperformed the rest of the top ten cryptocurrencies, having risen by 20% over the last 7 days. The Cardano network is preparing for an update and a split called “Chang,” which will lead to the gradual release of governance functions, facilitating adoption and preparation for new and additional roles in governance. Preparations for this important upgrade reached a significant stage this week with the release of “Cardano v9.0” node, which represents the end of the initial development work for the governance onboarding phase on-chain, with only minor updates required to integrate elements of the Cardano constitution.
Currently, the price of ADA is trading at around $0.6385, with a change of $0.0069 (0.01093%) from the previous close. The currency recorded a daily high of $0.6544 and a low of $0.6269.
Overall, indicators suggest that Cardano (ADA) has shown strong performance over the past few days, supported by technical developments and preparations for important updates on the network, which enhances investor confidence and increases positive expectations for the currency's future.