Disclaimer:
Cardano (ADA) experienced a notable surge of 23% in its price over the past 24 hours, capturing the attention of investors eager to capitalize on the ongoing market rally.
This impressive price increase has once again brought ADA into the spotlight, as it emerged as one of the top-performing altcoins on Thursday, July 13. Moreover, this surge coincided with the overall crypto market cap surpassing the significant milestone of $1.25 trillion.
Given the recent market dynamics surrounding Cardano, Finbold sought predictions from the crypto community at CoinMarketCap on July 14 to gauge the prevailing sentiment surrounding this decentralized finance (DeFi) cryptocurrency.
Picks for you
Analyzing the community’s voting patterns over the past six months, which have demonstrated a historical accuracy rate of 86%, Cardano is projected to reach an average price of $0.3793. This forecast indicates a potential increase of +$0.03183 (+9.16%) from its current price at the time of this publication.
In the most recent prediction for the end of June, the accuracy was 67.18% however, in the months of March, April, and May had an accuracy of 96%, 98%, and 95%, respectively.
Cardano price analysis
At present, Cardano (ADA) is being traded at $0.3477, marking a substantial increase of 23.69% within the past 24 hours. Over the last 30 days, ADA has witnessed 18 green days, accounting for 60% of the period, indicating a predominantly positive trend.
Additionally, Cardano’s total market capitalization currently stands at $12.1 billion, with a remarkable surge of over $2 billion in just one day.
Meanwhile, the ADA 1-day technical analysis (TA) gauges over at the finance and crypto monitoring platform TradingView indicate a bullish sentiment, suggesting a ‘buy’ at 13 as summarized from oscillators pointing at a ‘sell’ at 3 and moving averages (MA) in the ‘strong buy’ zone at 12.
The statement made by technical analyst Seth on Twitter raises the question of how recent developments, particularly the legal victory of XRP against the SEC, may impact the broader cryptocurrency market. The SEC’s previous statements regarding certain altcoins being classified as securities have sparked concerns within the crypto community.
Seth suggests that XRP‘s legal success could potentially have implications for altcoins like Solana (SOL) , Cardano, and other similar cryptocurrencies. The assumption is that this victory could set a precedent and potentially lead to a determination that these altcoins are not securities.
However, it’s important to note that the classification of cryptocurrencies as securities is a complex legal matter that depends on various factors and regulatory interpretations. Each cryptocurrency’s classification is evaluated on a case-by-case basis, considering its characteristics, underlying technology, and the nature of the token.
While XRP’s victory may be seen as a positive development, it does not automatically guarantee the non-security classification for other altcoins.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
