The price of the native token of the smart contract platform Cardano, ADA, moved up nearly 20% over last 30 days and is up 26.4% so far this year, with historical data suggesting that November could see the cryptocurrency’s price go up by a whopping 43.5%.
According to historical ADA price data from CryptoRank, ADA has experienced an average 43.5% monthly rise in November, although its median return over the month suggests a potential decline of 2.5%.
A review of ADA’s past reveals varied outcomes. In the last five years it only had a positive price performance in one November, which concluded with an impressive 84% increase. This history presents ADA holders with two possibilities for November: either a notable 43.5% climb to roughly $0.41 per token or a decrease to $0.279 per token if it follows previous years’ performances.
The average ADA price increase in November, it’s worth noting, is heavily influenced by a 311.6% rise in 2017, when the cryptocurrency market was undergoing a significant bull run.
<!–
–> <!–
–>
However, past performance is not a reliable indicator of future results, as there are many factors that can affect the outcome of any investment. For example, market conditions, economic cycles, competition, innovation, regulation, and consumer preferences can all change over time and influence the performance of an investment. Therefore, investors should not base their decisions solely on past performance, but also consider other aspects such as risk, return, fees, objectives, and suitability. Past performance is not a guarantee of future results.
Notably, market intelligence firm Santiment has reported that Cardano has reached an important milestone in on-chain activity. According to a recent update on social media, Santiment observed that long-term ADA holders have begun to transfer a significant volume of tokens, marking the most substantial movement in over a year.
Santiment’s data also highlighted that Cardano holders with substantial holdings have been actively acquiring more tokens. Specifically, these investors have amassed nearly 44 million ADA tokens, valued at approximately $12.67 million, within a span of just two weeks.
The firm pointed out that the activity of older ADA wallets has been particularly noteworthy. For the first time since April 2022, these wallets have started to move ADA tokens back into circulation. The report stated that wallets holding between 100,000 and 10,000,000 ADA are once again in accumulation mode.
Featured image via Unsplash.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.cryptoglobe.com/latest/2023/11/cardanos-ada-could-see-price-surge-as-much-as-43-5-in-november-historical-data-suggests/
