ADA Price Up 4.5% In 24 Hours: Why Is Cardano Going Up?

Cardano (CRYPTO: ADA) is up 4.5% over the past 24 hours, boosted by altcoins enjoying bullish sentiment.

Trader Notes: Crypto trader Brandon Hong noted in a post on X on Friday that Cardano offered traders an entry of around 80 cents.

From current levels, he anticipates ADA to push higher to $1.20 and, if that level is successfully reclaimed, possibly to $1.60 or further.

Pseudonymous trader Ssebi also targets $1.25, while trader Altcoin Scholar sees a chart pattern playing out that could possibly take ADA to $2 in the long run.

Community News: Digital asset manager Bitwise on Nov. 27 submitted an application for an exchange-traded fund (ETF) based on its existing 10 Crypto Index Fund.

Cardano holds a weight of 0.70% in the index fund.

Cardano co-founder Charles Hoskinson highlighted a tweet from a community member, showing that Cardano handles one-quarter to one-half of the transactions of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) while trading at under 10% of their valuation.

The community member pointed out that Cardano is “one of the most organic chains out there.”

Another notable milestone was when Cardano deployed its first zero-knowledge (ZK) smart contract, Halo2, on its mainnet.

Read Next: 

• Vladimir Putin Signs Bitcoin Mining, Crypto Taxation Law

Image: Shutterstock