According to analysts from Crypto Capital Venture, anticipation for new developments has stirred a palpable sense of excitement among investors and enthusiasts alike, potentially catalyzing the next Cardano (ADA) bull run.
The analysts draw parallels between the current and previous market cycles, noting significant technical similarities hinting at a bullish future for ADA. Rumors of new Cardano announcements have since made headlines amid recent market events.
In line with the forecasts, Dan Gambardello, the founder of the Crypto Capital Venture, additionally highlighted on X that Cardano’s last cycle compared to the current, speculating a repeat in history. The previous cycle saw Bitcoin (BTC) hit a new all-time high, with ADA showing choppy conditions before a breakout.
Cardano last cycle at this moment compared to Cardano today.
Bitcoin had just broken all time high, and ADA was very choppy, awaiting its massive breakout.
Looking forward to see what happens next. pic.twitter.com/QLEJ5D8aOI
— Dan Gambardello (@cryptorecruitr) March 15, 2024
Among these expected developments is the launch of a USDM fiat-backed stablecoin and potential integration with USD Coin (USDC), sparking widespread speculation. Furthermore, the imminent listing of ADA on centralized exchanges and the announcement of a midnight airdrop are adding to the fervor.
Conversely, the Swiss SIX Exchange recently launched Cardano staking Exchange-Traded Product (ETP) by Liquid. The product, dubbed CSAL, offers investors the dual benefits of ADA performance and returns generated from staking.
#Cardano fam, exciting news! Cardano Staking ETP, ticker: CASL, was just listed on the Swiss Six Exchange.
Don’t tell me Institutional Investors are not eyeing @Cardano as a Bluechip crypto investment!!
This will be another product that includes $ADA along side @Grayscale’s… https://t.co/PDn0UiZGm2 pic.twitter.com/t35kKXBdoD
— Chris O (@TheOCcryptobro) March 14, 2024
With ADA’s Total Value Locked (TVL) rising and the ecosystem bustling with activity, the anticipation for what’s next is high. Cardano’s TVL has increased significantly this year, reaching around $600M to surpass previous highs.
Cardano has been a bit overlooked this cycle.
But, the TVL on Cardano has increased significantly this year.
It has now reached around $600M mark, surpassing previous highs.
Are you bullish on $ADA? pic.twitter.com/GgzxuVLrfn
— Lark Davis (@TheCryptoLark) March 14, 2024
However, despite the calls, ADA’s session today hasn’t been quite pleasant. ADA was trading at $0.7148 as of 6:32 p.m. UTC, representing a 4.8% drop in the last 24 hours. ADA’s market cap also saw a 4.95% drop within the same period to stand at $25,425,505,073 as per stats from CoinMarketCap. With Rick McCracken, a notable figure in the community, laying out Cardano’s ambitions in 2024, it is interesting to see how this will affect the prices.
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