Forbes featured remarks from Gracy Chen, the Managing Director of Bitget, who hinted at the fundamentals that will stir the growth of Cardano (ADA) in 2024.
Speaking in an exclusive interview with Forbes Advisor, Chen highlighted the importance of Cardano in the broader digital currency ecosystem as a hub with active developers. Chen acknowledged the growth of unique aspects of Cardano as an ecosystem including staking. She noted how these aspects can help trigger a long-term breakout for ADA.
As part of her accolade for Cardano, Chen noted that as of January 24, the blockchain boasts “135 projects launched and 1,264 projects in various stages of development.”
Key Cardano Catalysts
Cardano has made impressive strides this year, with the token’s price jumping to its highest level since May 2022. Though Chen gave a modest projection that the sell wall for Cardano will be fixed at $0.6, ADA hovered around this zone for some time before breaking the $0.7 price mark on February 29.
As of January, Gracy Chen commented on the ADA staking boom which has seen more than a 300% surge thus far this year. In her words, “ADA’s staking has experienced a 300% surge this year alone, with around 22.79 billion ADA staked, resulting in a commendable staking ratio of 63%.”
While Cardano is not particularly deflationary, the ADA staking helps introduce an element of scarcity that might be positive in driving the price of the coin to new heights. The Bitget MD also commented on the slowing momentum in active ADA users’ noting the level of adoption in the Cardano ecosystem.
“Over the past 12 months, daily users have fluctuated between 40,000 to 80,000, but recent data indicates a trend towards 60,000,” Chen said.
When Would ADA Hit $1
In determining when the price of ADA will hit the $1 price mark, different sources have different projections with Changelly pegging the timeline at May 2025.
From its current price of $0.7329, this projection implies growth of 36.4%, a figure that is realistic for the time. Cardano maintains a strong correlation with Bitcoin which recently retested its ATH. Data from the crypto analytics platform IntoTheBlock pegs this correlation at 0.93 and this might fuel the coin’s rally should Bitcoin sustain its growth momentum.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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