Cardano (ADA) Price Prediction 2023: Will ADA Recover After the Recent Market Crash?

Cardano (ADA) has remained in the spotlight amid strong network activity. Current data from DeFi Llama shows that Cardano's Decentralized Finance (DeFi) Total Value Locked (TVL) has topped $210 million.

Cardano (ADA) has remained in the spotlight over the past few weeks. Current data from DeFiLlama shows that Cardano’s Decentralized Finance (DeFi) Total Value Locked (TVL) has topped $210 million.

Cardano’s TVL has grown gradually over the last few days. Much of this momentum is due to the growing adoption of its hosted decentralized applications (dApps).

Additionally, the spike in Cardano’s TVL stems from the continuous improvements and updates regularly introduced on the protocol.

Regarding updates, Cardano’s light wallet platform, Lace, recently got a new upgrade. Specifically, the platform released a new iteration dubbed Lace 1.17.

A designated Beta team gives interested users access to new features on the Lace 1.17 platform. In return, these users are expected to provide feedback, hoping they will be instrumental in shaping the wallet.

The latest release has a Shared Wallet or multi-signature (multi-sig) feature that offers enhanced security. To achieve this feat, the multi-sig wallet requires several authorized entities to approve a transaction before it is complete. Noteworthy, the multi-sig wallet is founded on the premise of enhanced security.

It helps protect users against theft, hacks, and other unauthorized access. If a single key is compromised, this cannot put control in the hands of the bad actor. It is an ideal strategy for situations that require collective governance over digital assets.

For now, it allows those interested in the beta release to create a shared wallet and add co-signers. Once this is achieved, they can set custom signing conditions directly within Lace. This feature utilizes the CIP-1854 derivation standard to ensure compatibility and robust security.

ADA Price And General Outlook

The release of Lace 1.17 and many other upgrades on Cardano is a bullish sign. As experts noted, this upgrade may drive more usage, which could trigger an upside for ADA in the long term.

However, the coin’s market outlook is currently bearish, with its price, market capitalization, and trading volume facing a dip. According to market data, the ADA price was trading at $0.3428 after losing 3.35% of the gain recorded 24 hours ago.

Its market cap is $11.99 billion, while its trading volume has dropped by 9.44% to $280.64 million. The plunge in trading volume suggests investors’ lack of enthusiasm towards ADA for now.

Having recorded a mild blowup in the past seven days, analysts believe the current trend is a healthy correction, boding well for future price performance.