Despite a slight decline in the past day, the overall cryptocurrency market has displayed notable growth, and Cardano (ADA) has been no exception, attracting nearly $2 billion in market capitalization within a week.
Presently, Cardano’s market cap stands at 12.40billion,markinganimpressiveincreaseof12.40billion,markinganimpressiveincreaseof1.93 billion or 18.43% compared to its valuation of $10.47 billion seven days ago, according to CoinMarketCap’s latest data on November 7.
Cardano Price Movement
At the time of writing, Cardano was trading at $0.3457, experiencing a minor 1.57% dip in the past 24 hours. Nonetheless, it still holds a substantial gain of 16.46% over the previous seven days and an impressive surge of 35.01% on the monthly chart, based on the most recent data available on November 7.
It is worth noting that the Cardano network has witnessed significant activity in ADA addresses, particularly among whales, with their transactions increasing by over 30% during the last three weeks of October, indicating a bullish sentiment, as reported by Finbold on November 4.
Additionally, the Polkadot (DOT) network has announced a strategic partnership with Cardano. Input Output Global (IOG), the leading development team behind Cardano, plans to leverage Substrate, Polkadot’s core blockchain SDK, and its modular technology to develop its “partner chain” project.
This collaboration aligns with IOG’s roadmap for Cardano, which aims to introduce a new framework enabling the growth of a family of independent and interoperable Layer 1 networks. Further details about this initiative were discussed by Charles Hoskinson, the founder of the blockchain company, during the recent Cardano Summit 2023.