What’s next for Cardano as $2 billion flows into ADA market cap in a week?
Despite a modest stagnation over the last day, the majority of assets in the cryptocurrency market have still managed to record impressive gains, and Cardano (ADA) is no exception, with close to $2 billion flowing into its market capitalization in a single week.
Specifically, Cardano’s market cap at press time stood at $12.40 billion, which is an increase of $1.93 billion or 18.43% from the $10.47 billion it amounted to seven days ago, according to the latest information obtained from the cryptocurrency monitoring platform CoinMarketCap on November 7.
Cardano price analysis
Meanwhile, Cardano was at press time changing hands at the price of $0.3457, down 1.57% in the last 24 hours but still holding onto the 16.46% gain in the previous seven days and a more significant advance of 35.01% on its monthly chart, as per the most recent data on November 7.
It is also worth noting that the network has witnessed strong ADA address activity, particularly that of its whales, whose transactions had increased by more than 30% during the last three weeks of October, signaling bullish sentiment, as Finbold reported on November 4.
At the same time, the Polkadot (DOT) network has made an announcement of a strategic partnership with Cardano, in which Input Output Global (IOG), Cardano’s leading developer team, will use Substrate, Polkadot’s core blockchain SDK, and the framework’s modular technology to create its ‘partner chain’ project.
1/ Cardano will use Substrate, the foundation of the Polkadot SDK, to build out its “partner chain” project — showcasing Substrate’s potential to expand across Web3, and its ease of use for other chains and ecosystems 🛠️
— Polkadot (@Polkadot) November 6, 2023
Indeed, the above collaboration is part of IOG’s roadmap for Cardano, which plans to introduce a new framework that would allow a family of independent, interoperable Layer 1 networks to grow, as outlined in more detail by the blockchain company’s founder Charles Hoskinson at the recent Cardano Summit 2023.
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