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In recent days, Cardano (ADA) has exhibited remarkable performance, surpassing the $1 mark for the first time in over two years, achieving a daily increase of 23%. This rise increased its market value to around $40 billion, making it the eighth largest cryptocurrency.
The positive momentum for ADA began two weeks ago when Charles Hoskinson, the founder of IOG, announced his intention to contribute to establishing more supportive cryptocurrency policies in the United States by 2025, driving ADA to rise by 30% in a single day to $0.6. The gains continued gradually, as ADA surpassed the $0.72 level at the end of last week, gradually rising to $0.9 by Friday evening. This morning, ADA reached a 2.5-year peak of $1.15 before stabilizing at $1.10.
With ADA achieving significant breakthroughs, speculation has begun about the possibility of it reaching a value of $10. Achieving this goal would mean an increase in ADA's market value to around $400 billion, placing it in direct competition with Ethereum (ETH). Reaching this ambitious target depends on the continued positive momentum and ADA's success in facing upcoming market obstacles.
It is worth noting that ADA's performance has outperformed the other top ten currencies, rising by 20% over the last 7 days. The Cardano network is preparing for the update and split named 'Chang', which will lead to the gradual release of governance functions, facilitating adoption and preparation for new and additional roles in governance. Preparations for this important upgrade reached a significant stage this week with the release of 'Cardano v9.0' node, marking the end of the initial development work for the governance onboarding phase on-chain, with only minor updates needed to integrate elements of the Cardano constitution.
Currently, the price of ADA is trading at around $0.6385, with a change of $0.0069 (0.01093%) from the previous close. The currency recorded a daily high of $0.6544 and a low of $0.6269.
Overall, indicators suggest that Cardano (ADA) has shown strong performance over the past few days, supported by technical developments and preparations for important network updates, which boosts investor confidence and increases positive expectations for the currency's future.
