Investors frequently ponder the potential for a cryptocurrency’s price to surge, and while predicting market movements is challenging, Cardano (ADA) has been experiencing a consistent uptick in adoption throughout the year. This suggests that a growing demand may contribute to a potential increase in price.
ADA, Cardano’s native token, has witnessed an impressive 52.8% surge in price year-to-date, with a notable 50.6% increase over the last 30 days. This uptrend follows steady growth in various metrics, including the total value locked in its decentralized finance (DeFi) ecosystem. Starting the year slightly below 200 million ADA, the total value locked has now reached 684.7 million ADA.
![](https://sollcrypto.com/wp-content/uploads/2023/11/Screen-Shot-2023-11-11-at-8.58.53-AM.png)
The expansion of Cardano’s DeFi ecosystem has propelled projects within it, such as the collateralized debt protocol Indigo and decentralized exchange Minswap, to surpass the $50 million total value locked threshold as adoption continues to rise.
As highlighted by CryptoGlobe, Cardano has maintained its leading position in cryptocurrency development activity, surpassing Polkadot ($DOT) and its public pre-production environment, Kusama ($KSM), often referred to as the “blockchain of blockchains.”
Santiment, an on-chain analytics firm, reports that Cardano outperformed other major cryptocurrencies in development activity, with Hedera ($HBAR) trailing behind Polkadot and Kusama, and Aptos ($APT) securing the fifth spot.
Furthermore, in the early days of November, whale transactions in ADA surged to 3,213, surpassing the total for the entire month of October. This rise coincided with an increase in ADA’s transaction volume from 237 million to 332 million, contributing to the upward movement in its price.
Predictions for Cardano’s price in November suggest a potential for moderate growth throughout the month. Some analysts even speculate an ambitious surge of over 9,000% in the future, aiming for the $30 mark.