Cardano’s Path to $1: Upgrades and Positive Trends Propel ADA’s Ascent

Cardano (ADA) and Bitcoin Minetrix (BTCMTX), two of the most talked-about cryptocurrencies in early 2024, have both made significant strides.

Which will happen first? Bitcoin Minetrix wants to reach a $11 million fundraising milestone, while ADA wants to recapture the $1 threshold after going below it in mid-2022.

Cardano's Path to $1: Upgrades and Positive Trends Propel ADA's Ascent
Source: Investing. com
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Cardano Rises 13% as Market Trends Turn Positive

With notable increases of 13% in the last two days to reach $0.539, Cardano is gaining traction in its quest to recapture the $1 threshold this year.

Additionally, spot trading volumes have increased, suggesting that retail interest in ADA has revived.

Cardano has changed hands for around $590 million in the past day, ranking it as the 13th most traded cryptocurrency worldwide.

Nonetheless, a few traders have been taken off guard by the recent price surge.

Over $700,000 worth of ADA short contracts have been liquidated across exchanges just yesterday, according to CoinGlass statistics.

There were just $545,000 worth of longs liquidated in the same period.

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These indicators imply that the market’s perception of Cardano is still positive and that the short sellers are starting to disappear from the market.

The road ahead appears clean for more higher with ADA trading at its highest level since January 16 and the token surpassing significant barrier at $0.530.

Can an ADA surge to $1 be powered by Cardano’s planned upgrades?

Given Cardano’s recent surge, many investors are wondering if ADA will be able to reach $1 again in 2024.

A number of crucial network enhancements need to be properly executed before ADA reaches $1.

Mithril, the most awaited advancement, is expected to happen this year.

The “Mithril age” has the potential to increase the accessibility of functioning Cardano nodes and attract more people into the ecosystem by cutting the node bootstrapping time down to less than 20 minutes.

The proposed Chang hard fork offers enhanced scalability and community governance capabilities in addition to Mithril.

More updates, such as Lace 1.8 and Hydra 0.15.0, aim to increase transaction throughput and the usefulness of smart contracts.

These changes may encourage more developers to create Cardano dApps, increasing adoption and ADA transactions.

But for ADA to hit $1 this year, the larger cryptocurrency market would probably need to go through a bullish cycle even with these enhancements.

While it’s not completely impossible, the necessary 84% increase sounds like a big ask.

Bitcoin Minetrix: A Novel Approach to Earn Bitcoin Rewards & Aims for $11 Million Milestone
A new initiative named Bitcoin Minetrix (BTCMTX) provides an alternate route to Bitcoin mining profits while Cardano advocates for a return to $1.

Bitcoin Minetrix uses a tokenized paradigm using the native BTCMTX token to try to make cloud mining more accessible.

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