With the price of ADA rising 8% in the last day and surpassing $0.30, Cardano has been actively partaking in the altcoin market rise. As of the time of publication, ADA is trading at $0.31, with over $358 million in trading volumes, a 15% increase.
Anticipated ADA Prices for November
CryptoRank’s historical data offers a more nuanced viewpoint. The Cardano cryptocurrency has demonstrated a remarkable average monthly return of 43.5% in November when looking at its price history. However, a more cautious assessment based on the median monthly return points to a -2.5% drop.
Upon deeper inspection, the historical performance of ADA shows a variety of results. Only one November in the previous five years—three years ago—ended with a noteworthy positive outcome, indicating an 84% rise. In light of this historical background, holders of ADA face two possible outcomes for November: either a strong increase of 43.5%, resulting in a token value of $0.41, or a decline to $0.279 per ADA.
Data from IntoTheBlock indicates that ADA holders are becoming more confident. Long-term trust in the price of ADA has significantly improved over the last few months, as seen by the astonishing 2.7 million addresses that have been holding ADA for longer periods of time. It’s interesting to note that the number of addresses with ADA for shorter time has significantly decreased less than a year, suggesting a notable change in investors’ “hodling” mindset.
Charles Hoskinson, the creator of Cardano and co-founder of Ethereum, addressed issues raised by members of the Cardano community in a recent statement. The company driving Cardano’s development, IOG (Input Output Global), is committed to growing the Cardano ecosystem and attracting new users and experiences to the platform, according to Hoskinson.
Hoskinson emphasized Nami, Midnight, and other notable initiatives and people for their important contributions to the ecosystem. He emphasized that IOG provides goods and services with the intention of onboarding millions of users to the Cardano platform, much like any other DApp (decentralized application) business.
Hoskinson also underlined the organization’s openness in informing the community about its goals and initiatives. Additionally, he explained that CIP 1694, which attempts to improve Cardano’s ecology, IOG wants to build the greatest wallet available for cryptocurrencies and gradually bring Cardano to users of Bitcoin and Ethereum.