Cardano (ADA) surged 50% over the past 20 days as it trades at $0.35.
The cryptocurrency rebounded from $0.241 support at the end of October and surged as high as $0.376 this week.
The bullish run is primarily attributed to high development activity and whale accumulation.
With ADA turning bullish, traders wonder if it will test its 2023 highs next.
Meanwhile, a newly emerging altcoin continues to turn heads after raising $3.6 million.
Cardano Continues Development Rampage While Whales Accumulate
The price of ADA has exploded following the successful Cardano Summit 2023 held in Dubai earlier this month.
Following weeks of consolidation from August through October, ADA finally broke out of its sideways pattern and surged higher.Clear cache
The rise was driven mainly by whales, with data from Santiment showing whale wallets with at least 1 million ADA increased their holdings by 80 million ADA in just two weeks – worth around $28 million;
Furthermore, the total amount of ADA staked on the protocol surged by over 53% in one month as the TVL rose to $240 million – indicating increased interest in its DeFi ecosystem.
Lastly, the developers in the Cardano ecosystem have been on a rampage as they make 502 notable GitHub commits.
As a result, Santiment positioned Cardano as the leading protocol by development activity this month:
With whales accumulating and development activity rising, it’s unsurprising to see ADA shifting into a bullish narrative.
ADA Price Analysis: Can Cardano Test Its 2023 Highs?
ADA surged 47% since hitting $0.24 support at the end of October.
The support proved strong over the past eight weeks, allowing ADA to finally rebound higher after two months of consolidation.
Since bouncing, ADA climbed as high as $0.376, where it met support at a bearish .618 Fib Retracement.
It has since dropped to the $0.354 level;
Looking ahead, the first resistance lies at $0.376. This is followed by $0.385 (Jan 21’ resistance), $0.4, $0.415 (Aug 22’ lows), and $0.432 (1.414 Fib Extension).
Additional resistance lies at $0.45 and $0.46 (2023 highs).
On the other side, support lies at $0.35, $0.323 (.382 Fib), $0.307 (.5 Fib), and $0.3.
What Other Tokens Are Rising?
While the altcoin market starts to see a resurgence, traders are turning their attention to alternatives that can provide considerably higher returns.
In particular, Bitcoin Minetrix (BTCMTX) is a newly emerging altcoin that traders are focusing on.
The project continues to snowball in popularity as traders expect huge returns due to its disruptive stake-to-mine ecosystem.
Bitcoin Minetrix Raises $3.6 Million As Investors Predict Double Earnings With Stake-to-Mine.
Bitcoin Minetrix (BTCMTX) has raised $3.6 million in little over a month as investors rush to get positioned early in its groundbreaking stake-to-mine ecosystem.
The project allows users to buy and stake BTCMTX tokens to gain access to a secure Bitcoin cloud mining platform.
In a nutshell, it allows everyday users to easily start cloud mining BTC through a tokenized mining ecosystem.
Cloud mining allows users to mine BTC without having to buy or maintain expensive mining hardware.
Instead, they rent a portion of the computational power from dedicated mining centers.
However, today’s centralized options typically lock users into long-term contracts and leave miners short on expected earnings.
Bitcoin Minetrix seeks to revolutionize this practice before the next Bitcoin block halving.
Users earn Mining Credits by staking BTCMTX tokens, which can then be burnt for time on the Bitcoin Minetrix mining solution.
Tokenizing the sector brings complete transparency to the industry, ensuring users retain full control of their funds along each step.
Stakers can unstake and sell their BTCMTX tokens anytime, providing complete flexibility.
Furthermore, as smart contracts automatically manage user allocations and mining rewards, there is complete transparency in the decentralized service.
The smart contracts have also been thoroughly audited by Coinsult to bring peace of mind to investors.
Given its speedy rise to the $3.6 million milestone, investors are backing this token as a disruptive force in the cloud mining space.
Adding further to its speedy ascent is that stakers are earning an impressive 160% APY on their holdings – doubling the earnings from the protocol through staking and mining.
Users can purchase BTCMTX for $0.0115. However, investors must be quick, with just four days at the current price.
Overall, Bitcoin Minetrix brings a novel solution to the Web3 industry by helping bring honesty and integrity back to Bitcoin mining, and investors expect huge returns.
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