Blockchain

Polkadot (DOT), one of the prominent blockchain networks in the crypto space, experienced a 16% decline in market capitalization in the third quarter (Q3) of 2023, according to a recent report from Messari. 

This decline came after a moderate downturn in the overall cryptocurrency market during Q3, despite favorable court rulings for XRP and Grayscale. The total crypto market capitalization declined by 5.8%, with Bitcoin (BTC) and Ethereum (ETH) falling by 7.5% and 10.0%, respectively.

Polkadot Closes Q3 With $5.2 Billion Market Cap

As reported by Messari, Polkadot’s market capitalization closed at $5.2 billion, positioning it as the 13th largest crypto asset by market cap in Q3 2023 (currently 15th). 

Polkadot’s financial structure is based on a weight-based fee model, which differs from the gas-metering model in other networks, such as Ethereum.

Transaction fees in Polkadot are determined and charged before execution, with the calculation comprising a weight fee reflecting computational resources, a length fee based on transaction size, and an optional tip to incentivize block authors. 

In Q3 2023, Polkadot generated revenue amounting to $94,000, representing a 3% decrease compared to the previous quarter. Messari suggests that Polkadot’s revenue tends to be relatively lower compared to its competitors due to the network’s structural design.

On the other hand, the native token of Polkadot, DOT, serves three primary purposes: governance, staking, and parachain bonding. During Q3 2023, the staking percentage of DOT rose by 12% compared to the previous quarter, reaching 49%. 

This increase led to reduced staking rewards and a 12% decline in the annualized nominal yield to 15%. According to Messari, the close alignment of Polkadot’s staking rate with the ideal rate demonstrates the effectiveness of its mechanism.

Polkadot’s OpenGov Milestone

The Polkadot treasury supported various initiatives in Q3, including software development, bounties, client upgrades, and community events like meetups and hackerspaces. 

According to Messari, the implementation of OpenGov on June 15 marked a significant milestone, revolutionizing treasury management and enabling concurrent proposals with distinct requirements. At the end of the quarter, the Polkadot treasury held approximately 45 million DOT ($185 million).

Furthermore, Polkadot has recently completed the official release of Polkadot 1.0, marking the achievement of a significant milestone outlined in the Polkadot whitepaper. 

The network’s codebase has been fully transitioned to a repository managed by the community through Polkadot OpenGov and the Technical Fellowship. The roadmap for the next iteration, Polkadot 2.0, will be determined through community discussions and consensus. 

Founder Gavin Wood has proposed ideas for additional mechanisms to allocate Polkadot’s block space and for creating treaty-like agreements between multiple blockchains called “accords.”

As of this writing, the DOT token has exhibited a noteworthy upward trend since October 19, closely following Bitcoin’s lead. Presently, the token is trading at $4,839, reflecting a notable increase of over 16% within the past fourteen days.

Featured image from Shutterstock, chart from TradingView.com 

The adoption of Ethereum layer-2s is on the rise if Token Terminal data shared on November 6 is anything to go by. According to statistics from the blockchain analytics platform shared by Erik Smith, the Chief Investment Officer (CIO) of 401 Financial, the average active addresses over the past three months has exceeded 10 million, a nearly 2X expansion from early 2023.

Related Reading: Can The ADA Price Climb Above $20 In The Bull Market? Analyst Provides Answers

Ethereum Layer-2s Finding More Adoption

Looking at the chart, Polygon, an Ethereum sidechain, remains the most popular. At the same time, Arbitrum and OP Mainnet, which are common layer-2s adopting the roll-up technology, are actively being used.

Even so, OP Mainnet’s share is gradually dropping. Base, a layer-2 backed by Coinbase, and StarkNet are also finding adoption, expanding their share over the past three months.

In crypto, active addresses refer to the number of unique wallet addresses (sending and receiving) that have interacted with the blockchain, in this case, Ethereum, over a given period.

An uptick or contraction in the number of active addresses can be used to measure sentiment and the level of uptake. In bear markets, active addresses tend to drop, only rising when bulls flow in, pointing to a possible scramble for arising opportunities.

The recent uptrend coincides with the rapid expansion of leading crypto prices. Ethereum (ETH) prices are inching closer to the $1,870 resistance level, with a breakout above this line a potential trigger for a leg up that might see the coin retest $2,100 and even register new 2023 highs.

Usually, rising crypto prices tend to revive demand as the number of active addresses and, in some instances, the total value locked (TVL) in decentralized finance (DeFi), and more.

What Will Happen To Gas Fees?

Ethereum is the world’s most active smart contract platform, stretching its dominance mainly because of its first-mover advantage. The blockchain anchors more DeFi, non-fungible tokens (NFTs), and gaming activity. Deploying protocols, depending on their objectives, can either directly launch on the mainnet or layer-2s. 

The mainnet is directly secured by validators, while layer-2 solutions depend on the mainnet for security but often re-route transactions off-chain. In this arrangement, more transactions can be processed cheaply and efficiently, relieving the mainnet.

Though the Ethereum base layer is secure, its peak transaction throughput remains relatively lower at around 15 TPS. This means during peak demand, gas fees tend to be higher, impacting user demand.

Still, Ethereum gas fees remain at a multi-year low at around 23 Gwei, according to trackers, as seen on the chart below. This is down from 240 Gwei recorded in February 2021 when crypto assets rapidly rose.

For now, whether gas fees will increase as the market recovers is yet to be seen. What’s evident is that as users opt for layer-2s, the mainnet will likely be relieved, keeping gas fee fluctuation low.

Altcoins have become one of the most preferred ways for crypto investors to secure massive gains in the industry especially given Bitcoin’s massive growth rate in the last decade. Because a lot of these altcoins have significantly smaller market caps, they tend to have a lot of runway for growth, making them an enticing option. So here is a list of the top 3 altcoins that could 100x your crypto portfolio in the coming bull market, in no particular order.

Memecoin (MEME): The New Meme Crypto

Memecoin (MEME) is the latest brainchild from the 9GAG team. The team had successfully launched multiple non-fungible token (NFT) projects in the last year before finally moving on to the launch of their very own cryptocurrency; MEME.

So far, MEME looks to be like any other meme coin in the crypto market with no promises or roadmap. But as far as altcoins go, MEME has one of the most important factors that can guarantee success for a project and that is a very strong community.

The Memecoin official Twitter account already has 2.8 million followers, surpassing established meme coin players such as Floki Inu and falling just behind Shiba Inu which sits at 3.7 million followers. This massive support from the community, coupled with the fact that its market cap is sitting at only $180 million, makes it one of the altcoins with a lot of potential going into the bull run.

Liquity (LQTY) Joins Altcoins With Potential

Liquity (LQTY) has made a name for itself as being one of the decentralized finance (DeFi) protocols offering interest-free borrowing on the Ethereum network. This is a good draw for investors looking to take out loans but not having to pay huge interest on those loans.

In the DeFi summer that was recorded between 2020 and 2021, these kinds of protocols were proven to be an investor favorite. As such, their native tokens are wont to soar if there is a repeat of such a trend.

LQTY token is still trading below $2 and just like MEME, it has a low market just above $150 million. This makes it one of the altcoins with a good runway to grow especially in a bull market and secure good gains for crypto investors.

Shiba Inu’s BONE Could Be A Game Changer

For years, the Shiba Inu-based BONE token has been able to fly under the radar and has not achieved the notoriety of some of its meme coin counterparts. However, this could quickly change especially with the launch of the Shibarium network.

Shibarium, which is a Layer 2 network built atop the Ethereum blockchain, actually uses the BONE token as its ecosystem utility token. Many expected this to be Shiba Inu but the team has clarified that SHIB only acts as a governance token in the network.

Given that BONE is the native token of the Shibarium network, it stands to gain a lot when the network begins to gain widespread adoption. And with a market cap under $160 million, there is still a long way to go for BONE to catch up with its competitors in the space.

Chainlink’s recent price surge of 63% has turned heads in the cryptocurrency community. This uptrend begs the question: what’s driving investor confidence in Chainlink? Let’s dive into four key reasons that might be contributing to this bullish trend.

#1 Chainlink Dominance In The Oracle Space

Oracles act as a bridge between blockchain networks and the external world, fetching data that decentralized applications (dApps) rely on to function. This data can vary widely, from cryptocurrency price feeds essential for decentralized financial (DeFi) platforms to weather information or the results of real-world events for betting platforms.

Related Reading: November Outlook For Bitcoin Price: Another Pump Or Retrace?

Chainlink has emerged as the leader in this pivotal market, capturing a 47% share with its extensive network of over 1,000 oracles and support for 14+ blockchain platforms. By positioning itself as the primary provider of external data integration, Chainlink has become an essential component of the blockchain infrastructure.

#2 Other Products By Chainlink

Expanding beyond its initial focus on data feeds, Chainlink now offers a broad spectrum of blockchain services that have significantly strengthened its market presence:

Verifiable Random Function (VRF) – a verifiable method of producing complete randomness at a low cost, particularly useful to create random outcomes within gaming and gambling applications, as well as for any application requiring unpredictability in its protocol.
Automation – allows smart contract developers to utilize Chainlink’s infrastructure to automate their smart contracts cost-effectively and securely, which is crucial for the scalability and efficiency of decentralized applications (dApps).
Cross-Chain Interoperability Protocol (CCIP) – enabling seamless interaction and transfer of data and value across blockchain networks. This interconnectivity is pivotal for a more integrated and accessible blockchain ecosystem.

The introduction of CCIP, especially, underscores Chainlink’s commitment to driving the industry forward. It simplifies the user experience and broadens the potential use cases for blockchain technology, aspects that are highly attractive to institutional investors looking to enter the space.

#3 Institutional Interest

Chainlink’s CCIP and other products have allowed it to collaborate with big institutions, such as:

SWIFT – a global financial network that 11,000+ financial institutions use to securely transmit information and value, up to trillions of dollars.
DTCC – a global financial entity that processes and settles security transactions totaling quadrillions of dollars.
ANZ – one of the big four banks in the Asia-Pacific region, handling billions of dollars annually.
Other notable institutions working with Chainlink are BNP Paribas, Citi, and PwC Germany.

These partnerships highlight that institutions see the potential opportunity for blockchains and real-world systems to interact effectively. Chainlink’s co-founder Sergey Nazarov says:

It’s now clear that both top global banks and leading market infrastructures believe there will be greater adoption of digital assets across the entire banking industry, and that this adoption will happen using multiple different blockchain technologies at the same time.

#4 Bullish Price Action

Chainlink had traded between $5 and $9 between June 2022 and September 2023. In October, its price finally managed to break out of this range after an increase of 63%, reaching $12. This price increase was one of the largest within the cryptocurrency market, highlighting the faith investors have in this token.

Related Reading: Bitcoin Season: Leading The Charge In The Crypto Market

The price currently sits in a previous trading range between $11 and $17. For the price to reach the top of this range, it would have to climb another 50%.

With its previous all-time highs of $53, it suggests there is still much room for Chainlink’s price to grow. Specifically, a 340% increase would have to occur for it to reach its previous highs.

Predycto is the author of a cryptocurrency newsletter. Sign up for free. Follow @Predycto on Twitter.

Markus Thielen, the Head of Crypto Research and Strategy at Matrixport, has hinted at a potential pre-Christmas rally with Bitcoin leading the charge.

This anticipation comes amid a backdrop of macroeconomic shifts that could set the stage for a significant surge in crypto prices, which Thielen describes as the “Santa Claus squeeze.”

Thielen’s analysis is rooted in recent market movements where some altcoins began to outperform Bitcoin, suggesting a momentum build-up that could translate into substantial gains.

Macroeconomic Indicators Fueling Crypto Optimism

This concept of a “Santa Claus squeeze” in the crypto market, a term coined to describe the seasonal rally often seen in equity markets, is not new. Thielen, in his Deribit Insights report, noted that Bitcoin has historically seen an average rally of 23% during the festive months of November and December.

This trend, coupled with last week’s performance where alternative cryptocurrencies gained an edge over Bitcoin, lends credibility to the forecast of a year-end rally, according to the Head of Crypto Research and Strategy at Matrixport.

Notably, the potential for a “Santa Claus squeeze” is underpinned by several macroeconomic indicators that Thielen has identified. Thielen points to a trio of events that collectively signal an interest rate peak, setting a conducive stage for risk assets like cryptocurrencies.

The US Treasury’s pivot towards “slowing the pace of issuing longer-dated debt” is the first sign Thielen identified,  implying expectations for a decline in interest rates, which historically benefit growth assets such as tech stocks and, by extension, digital currencies.

Adding to the mix is Federal Reserve Chair Jerome Powell’s “dovish” tone at the post-FOMC meeting press conference. His statements have been interpreted as a potential halt in rate hikes, with the possibility of cuts in 2024, bringing a dose of positiveness into the markets.

For context, during the conference, Fed Chair Jerome Powell discussed the balanced nature of inflation risks, referencing the term “symmetric” twice, which suggested a tone of accomplishment in the Federal Reserve’s efforts to reduce inflation. Additionally, Powell expressed his view that a recession is not on the horizon.

Furthermore, a less-than-stellar US nonfarm payroll reported last Friday suggests a “weakening labor market,” according to Thielen, reducing the chances of aggressive rate hikes in the future.

Bitcoin And Ethereum: A Potential Rally In Sight?

Drawing parallels with the past, Thielen recalled Bitcoin’s response at the end of the last Fed rate hike cycle in January 2019, which saw the cryptocurrency’s price rally by approximately 400%.

While Thielen tempers expectations for a repeat of such dramatic gains, the Head of Crypto Research and Strategy at Matrixport anticipates that Bitcoin and some other altcoins the analyst calls “higher beta crypto assets” could see considerable growth in the coming years.

The Head of Crypto Research and Strategy at Matrixport backed this bullish outlook further by the potential approval of a BlackRock spot Bitcoin ETF, which could act as a catalyst for a more widespread crypto rally.

Thielen’s observations extend beyond Bitcoin in another report. He notes the Ethereum ecosystem’s nascent signs of recovery, evidenced by increasing revenues and ETH’s resilience in holding the crucial support level of $1,550.

The analyst also noted the outshining of Ethereum and other altcoins over Bitcoin, a shift reflected in their growing market dominance and trading volumes. The perpetual futures funding rate for both Bitcoin and Ethereum is also on the rise, mirroring a more confident stance among traders.

So far, Bitcoin is only up 1.3% in the past week and 0.3% in the past day, while Ethereum has recorded a higher gain of 5% in the past 7 days and 1% over the past 24 hours. BTC currently trades at $34,987 and ETH  at $1,897 at the time of writing.

Featured image from Unsplash, Chart from TradingView

BONE, a token based on the Shiba Inu ecosystem, has had quite a dull month in terms of bullish price movement. However, the Shiba Inu ecosystem is currently experiencing an increase in on-chain transactions, and BONE hasn’t been left out. 

Some SHIB whales have increased their holdings in anticipation of a new milestone for Shibarium. At the same time, BONE also had an increase in large transactions, and this key on-chain metric suggests the token could be ready for a major price appreciation.

BONE Large Transaction Volume Increases

The daily large transaction volume for BONE, ShibaSwap’s governance token, has exploded in the past week. According to recent data from IntoTheBlock’s metric of large transactions, each valued at $100,000 or more, spiked from no activity at the end of October to more than 5.17 million BONE tokens over the weekend. This type of large transaction activity can either mean that big money is flowing into or leaving an asset. But more often than not, the former is the case.

At the same time, BONE’s biggest whales have been loading up their bags. On-chain data shows whale wallets (more than 1% of the total supply) now hold 44.03%, up from 43.41% reported last month. Investors’ wallets holding between 0.1% and 1% of the circulating supply also went up, now holding 16.85%. Inflows into these two sets of addresses increased by +295% in a 7-day timeframe, indicating interest from whales.

Bearish Sentiment Reversal? Road to $1?

With the large transaction increase, it’s clear BONE is gaining major traction and interest from whales. But some on-chain and BONE’s price points to a double-edged sword. Despite the inflow into large wallets and increase in large transactions, broader on-chain signals point to bearish sentiment from retail traders. 

This is particularly evident as interest from small investors has dropped in the past month. At the time of writing, BONE is trading at $0.71 and is down by 64% from its yearly high of $2.20 in February.

On the other hand, BONE has spiked by 3.6% in the past three hours after recently bouncing off major support at $0.69. A continued surge in on-chain transactions among bulls and whale investors could push the crypto back up to $1.

BONE is used as gas fees on the Shibarium layer-2 blockchain, which has had a steady increase in cumulative gas usage since its launch. Shibarium is now approaching the four million total transactions milestone, which could also push BONE towards $1.

After over two years of operation and maintenance by the Conflux Foundation, ShuttleFlow, a multi-asset bridge built on Conflux, is set to shut down. 

Per the announcement, the platform was pivotal in driving progress within the decentralized finance (DeFi) arena, enabling “seamless” asset transfers across various chains. 

Conflux Foundation Passes The Torch

ShuttleFlow emerged as one of the advanced multi-chain asset bridges in the DeFi space. Its architecture facilitated interoperability between different blockchains, opening up new user possibilities. 

Notably, ShuttleFlow enabled “effortless swaps” between external blockchains such as Ethereum (ETH) and Binance (BNB), utilizing Conflux as the transit chain. With the decision to shut down ShuttleFlow, the Conflux Foundation has entrusted cryptocurrency hub company Zero Gravity with the responsibility of maintaining and further developing the technology stack.

According to Monday’s announcement, Zero Gravity will continue to enhance the Bridge’s capabilities to ensure a “seamless and secure” experience for users within the expanding multi-chain ecosystem.

Furthermore, the Conflux Foundation assures users that their funds are secure throughout the transition. All user funds will be migrated from ShuttleFlow to Zero Gravity, safeguarding their assets. 

Users who have previously bridged assets through ShuttleFlow and successfully claimed them on the destination chain will not be required to undertake any additional actions for the migration.

ShuttleFlow will continue to assist users in claiming assets on the destination chain even after the bridging service is shut down. Users can locate their unclaimed assets on the ShuttleFlow history page.

ShuttleFlow Service Ends

The ShuttleFlow website and decentralized app (dApp) will continue to operate with limited functionality until January 6, 2024. However, the bridging service through ShuttleFlow’s dApp will cease on November 6, 2023. Once ShuttleFlow fully shuts down, users can bridge their assets through Zero Gravity’s official dApp.

The Conflux Foundation firmly believes that the decentralization and accumulation of infrastructure partners are crucial for the growth of its ecosystem. With Zero Gravity taking the reins, ShuttleFlow’s vision of enabling chain-agnostic asset flows to and from the Conflux Network will persist.

In light of these developments, the protocol’s token, CFX, currently ranked among the top 80 largest cryptocurrencies in the ecosystem, has experienced a retracement of over 2.9% in the past 24 hours, trading at $0,1619. 

Nevertheless, the token retains significant gains of 277% in the year-to-date period, demonstrating its remarkable growth over the past year.

Featured image from Shutterstock, chart from TradingView.com 

Recently, the main players responsible for the recent 23% increase in XRP price were brought to light. The digital asset has since continued with its firm rally over the last 24 hours, arriving at almost $0.72.

Recent Activities Buttress The Price Of XRP

XRP’s 23% price surge took place in the last day and crypto enthusiasts and investors’ belief in XRP has been steadily increasing as whale wallets keep filling up.

Related Reading: XRP Price Surge Imminent? Expert Eyes 1,500% Rally Signal From Past

According to crypto analytics platform Santiment, wallets holding up to 100,000 to 1 billion XRP have reached their highest point this year, making about 45.8% of the token total supply. Due to this XRP price crossed the $0.68 for the first time since August, indicating an upward trajectory for the crypto asset.

The crypto asset’s potential Exponential Moving Averages (EMAs) and Relative Strength Index (RSI) have not been left out, as they have both presented a bullish signal for XRP price.

XRP’s price movement has been above the 50-day and 200-day EMAs, thereby signaling continued rising momentum. With this technical layout and an RSI that is safely over the 50 mark, buyers appear to be in control, providing a tough basis for future price growth.

In addition, the digital asset’s recent adoption and social media dominance also seem to have contributed to XRP’s price surge lately. This has been the case following the XRP’s recent regulatory approval under the digital asset regime of the Dubai independent financial services regulatory body within the DIFC, the Dubai Financial Services Authority (DFSA).

According to the social dominance metric, the social media discussions encompassing XRP have increased impressively over time, marking its highest level since mid-July.

The crypto asset’s increase in popularity and interest among crypto enthusiasts and investors in the cryptocurrency world is believed to have impacted the price of XRP. This is because social media dominance often paves the way for price trajectory.

Chart Analyst Predicts The Crypto Asset to Reached The $1 Mark

Chart analyst EGRAG once predicted in September that XRP will surpass the $0.65 within the following month, which seems to have come to pass.  According to the analyst if XRP crosses $0.65, a path to the $1 mark is wide open.

The analyst has recently shared another prediction on the price of XRP to crossing the $1 mark while comparing the challenges encountered by the asset at its current resistance point to the “Berlin Wall” of resistance.

According to EGRAG, a successful breakout from its current resistance level which is the Berlin Wall, would see the crypto asset approaching the $1.10 to $1.40 price range when this happens.

EGRAG predicts that before XRP breaks above $1, it will retest between the $0.55 and $0.58 range. However, the price range between $1.10 and $1.40 would be confirmed by this retest and a rebound.

XRP trading volume surged to $2.55 billion in the last 24 hours, a noteworthy 169.41% increase from the day before. With XRP’s price currently stable around $0.68, seasoned market analysts are set to provide predictions for the cryptocurrency’s future direction.

On-chain data shows Bitcoin has recently made a break that led to rallies of at least 99% during the last three times it happened.

Bitcoin Has Now Crossed Above “Single Cycle HODLers” Cost Basis

In a new post on X, analyst Ali has talked about a level that BTC has broken recently. The level in question is the cost basis of the single-cycle Bitcoin long-term holders. The terms may be unfamiliar, so here’s what they mean, one by one.

First, the “long-term holders” (LTHs) here refer to the investors who have been holding onto their coins since at least 155 days ago. The LTHs are made up of the resolute diamond hands or HODLers, who rarely sell even when volatility occurs in the market.

Next, the “single cycle HODLers” specifically refer to those LTHs who bought within the span of a single BTC cycle. Their range is typically taken to be 6 months to 3 years. This means that the oldest among these investors (with coins aged 3 years) would have gone through the entire chaos of the current cycle, from the highs of the 2021 bull to the lows of the 2022 bear.

Lastly, “cost basis” refers to the average buying price of a group of Bitcoin investors. If the spot price of the cryptocurrency is trading below this value, it means that the cohort in question is in a state of net loss. Similarly, the asset being above implies the dominance of profits.

Now, here is a chart that shows the trend in the cost basis of the single-cycle LTHs over the past few years:

Currently, this metric has a value of $34,150, which means that Bitcoin has already surged above it with the latest rally. This means that the average single cycle HODLer who had been in losses since the first half of 2022 has now finally returned to profits.

In the graph, Ali has also highlighted the trajectory that BTC followed during the last three times a break above this level took place. It would appear that each of the last two major bull rallies occurred after the breaks that took place in 2016 and 2020, respectively.

From the point of this breach, the cryptocurrency enjoyed returns of 4,778% and 787% over the course of the respective rallies. The recovery rally that started in April 2019 also observed a break of this cost basis, following which BTC registered gains of 99%.

If this pattern of the single cycle HODLer cost basis paving the way for a Bitcoin rally is anything to go by, then the asset could potentially see a surge now that it has once again broken above it.

As Bitcoin’s current rally is most similar to the April 2019 recovery rally, it’s possible that, if a surge does take place, it would be more in line with this rally, rather than the full-blown bull runs.

BTC Price

Bitcoin has gone silent recently as it has only registered gains of 2% in the past week, with the price now floating above $35,200.

The ADA price has always performed incredibly well in the bull market cycles with price rallies that have put millions of holders in profit in the past.

However, like any other cryptocurrency, it can be hard to pinpoint how high the price will climb in the next bull market. Nevertheless, one crypto analyst is taking the bull by the horns to reveal where they expect the altcoin’s price to reach in the next bull market.

ADA Price Could Rise As High As $24

In an analysis posted to TradingView, crypto analyst masoud_paydarsani outlines how the ADA price could rise to double-digits. First, the analyst points to Cardano’s ADA token being a long-term upward channel on the weekly time frame, albeit a rather slow uptrend.

However, this does not invalidate its bullish tendencies, especially when it comes to ADA repeating its previous bull market cycles. Masoud points to the fact that the past crypto market cycles saw approximately 108 weeks of the bear market before 66 weeks of the bull market, and it is within these 66 weeks that ADA shines.

The analyst believes that if the upward channel is validated, then the next ADA bull run could turn out like the rest. Using the previous performances of the altcoin, eg, the run-up in the year 2021, the ADA price could rise to as high as $24 following the same trend. Also, going by historical performance, the crypto analyst reveals that this could happen sometime in the next 66 weeks. So it could lead up to 2025 before this rally is complete.

Being Bullish For ADA Above $20

Interestingly, the expectation for the ADA price to cross the $20 mark is not unique to Masoud alone. Another crypto analyst, @LucidCiC on X (formerly Twitter) also believes that this double-digit level is possible for ADA.

Lucid actually has an even higher price target for the altcoin compared to Masoud. Where Masoud sees the ADA price reaching $24, Lucid’s forecast goes as high as $30. Lucid compares Cardano to the Ethereum network which was able to reach a $500 billion market cap despite going through multiple hurdles. Given this, the analyst believes Cardano will also be able to rise as well while expecting the crypto market cap to cross $10 trillion in a decade.

Cardano is also seeing a good amount of interest from institutional investors. Grayscale Investments, the company behind the largest Bitcoin trust in the world, recently announced new crypto indices featuring ADA in response to this rising interest. If these large investors continue to double down on their investments, this newfound inflow could drive the price to the double-digit mark predicted by the analysts.