Cardano (ADA) Price Skyrockets by 35% as the Market Reclaims the $1 Mark

The cryptocurrency market has continued to sparkle in the historically bullish month of “Moonvember,” with the market leader Bitcoin setting the pace in the space. However, the Cardano price performance in the past week is undoubtedly one of the best the market has seen in recent weeks.

The cryptocurrency market has continued to shine in the historically bullish month of “Moonvember,” with the market leader Bitcoin setting the pace in the market. However, the Cardano price performance in the past week is easily one of the best the market has seen in recent weeks.

The ninth-largest cryptocurrency has finally breached the $1 mark after over two years of trading beneath the psychological level. Investors are beginning to wonder about Cardano’s return to its all-time high price, especially with the momentum with which it has moved recently.

ADA Investors Are Taking Profit — Impact On Price

In a recent post on the X platform, blockchain intelligence firm Santiment shared on-chain insights into the Cardano price performance in the past week. Price data shows that the ADA token has seen its market capitalization triple in the last 17 days, now standing on the cusp of $36 billion.

In the late hours of Friday, the Cardano price breached the $1 mark for the first time since April 2022. This price feat underscores the intense bullish momentum of the altcoin in the past few weeks, outperforming nearly all assets in the top ten largest cryptocurrencies.

As expected, this rapid price increase was accompanied by a vast degree of profit-taking, with Santiment observing the highest level of traders’ realized profit in over eight months on Friday. Data from the on-chain firm shows that about $165 million worth of ADA was sold for profit.

This level of selling could be bearish for the price of Cardano in the short term. While it is natural to see some distribution from investors as token price rises, a sustained trend of profit-taking amongst ADA investors could hamper the Cardano price momentum and stall the rally.

Moreover, the social media discussions around Cardano saw a significant spike on Friday, reaching its highest level since December 2023. While this signals positive sentiment around the altcoin, rising social media discussions could also indicate that investors are experiencing FOMO (fear of missing out).

Historically, crypto markets tend to move in the opposite direction of the crowd. Hence, with the ADA crowd hyped and showing FOMO, the Cardano price might see a slight correction.

Cardano Price At A Glance

At the time of writing, the price of Cardano is around $1.1, showing an over 35% increase in the past 24 hours.