Cardano (ADA) has surged past the symbolic $1 mark, reaching a multi-year high on Friday. This impressive climb has positioned ADA among the top gainers in the high-caliber cryptocurrency market, outpacing every other crypto asset within the top ten rankings.
The surge not only highlights Cardanoās strong market performance but also underscores its growing significance in the digital asset landscape.
An upgrade in its rating complements Cardanoās price rally, further cementing its status in the crypto elite. On November 22, Weiss Crypto, a respected crypto rating firm, announced that Cardano had achieved a new ranking due to its solid performance. This upgrade elevates Cardano from a āB+ā asset to an āA-ā asset, placing it alongside Bitcoin and Ethereum in an exclusive class of digital assets.
Cardano Joins Elite Crypto Assets with āAā Rating
Weiss Crypto defines the āAā class as excellent crypto assets that meet major market criteria, including adoption, technology, and overall market performance. By achieving an āA-ā rating, Cardano demonstrates excellence across these areas, marking it as a standout asset in the crowded cryptocurrency market. However, itās important to note that within the āAā class, Cardano holds the lowest grade, distinguishing it from Bitcoin, which holds an āAā rating with a āstrong buyā recommendation.
Ethereum shares the same āAā grade as Cardano, while Bitcoin continues to lead with the highest rating. This trio is now the only occupant of Weiss Cryptoās elite āAā asset group, highlighting their dominance and reliability in crypto. The upgrade was anticipated following several positive developments within Cardanoās ecosystem, signaling a robust future for the cryptocurrency.
One of the pivotal factors behind Cardanoās recent success is its strategic partnership with BitcoinOS. This collaboration aims to unlock smart contract features on the Bitcoin network, bridging liquidity to the Cardano chain and providing access to Bitcoinās substantial $1.9 trillion market cap. Additionally, Bitcoin developers can now deploy decentralized applications on Cardanoās blockchain and pay transaction fees with BTC, enhancing interoperability between the two leading cryptocurrencies.
Charles Hoskinson, Cardanoās founder, has significantly shaped US crypto policy, attracting institutional adoption to the Cardano ecosystem. His involvement has boosted Cardanoās credibility and facilitated its integration into mainstream financial systems. This institutional interest is reflected in the increased market activity and the substantial rise in ADAās price.
ADA Briefly Hits $1.07, Highest Since April 2022
Cardanoās ADA token has demonstrated a fantastic recovery, surging over 4.27% over the weekend to reach $1.07āthe highest level since April 2022, according to Brave New Coinās ADA Price Index. The ADA price has since slid under $1.00 ā following the BTC price down. Trading volume has also seen a substantial increase of 150%, hitting $7.2 billion, which indicates heightened market activity and investor interest. Experts believe this surge is just the beginning, with bullish on-chain metrics suggesting further upside potential for ADA.
Ali Martinez, a leading crypto analyst, expressed optimism about Cardanoās future, stating, ā$ADA has surged nearly 200% in the last three weeks! But thatās nothing compared to what is coming.ā Martinez highlights that ADA whales with stakes between $1 million and $10 million have doubled their holdings in the past month, resulting in large transactions exceeding $22 billion daily on the network. This robust accumulation activity signals strong investor confidence and sustained growth.
From a technical perspective, Martinez noted that ADA is mirroring its previous bullish cycle, with the potential to aim for targets as high as $6 if the current pattern continues. However, he emphasized the importance of the $0.80 support level, where 1.2 billion ADA were purchased by 48,000 addresses, as crucial for maintaining the bullish trend.
On-chain data further reinforces the positive sentiment surrounding ADA. According to CoinGlass, Cardanoās price has benefited from a 30% increase in open interest, now standing at $954 million. Additionally, short liquidations have reached $9.77 million in the past 24 hours, indicating that traders betting against ADAās rally were forced to close their positions, thereby adding upward pressure on the price.
Santiment data reveals that Cardanoās market cap has tripled over the past 17 days, and it recorded $165 million in realized profits in a single dayāthe highest in eight months. Social media discussions about ADA have also reached an 11-month high, reflecting growing community interest and engagement. These factors collectively contribute to Cardanoās strengthened position in the cryptocurrency market, making it a formidable player among the top three digital assets.
