With the Christmas holiday just around the corner in the USA and Europe, there has been an increase in interest in the cryptocurrency market. One of the most important reasons for this increase is that investors seeking alternative investment income are re-active in the market. Cardano also benefited positively from these developments.
As we reported as Koinfinans.com, ADA increased its price by 70% while spending 2023 in a very optimistic manner. The TVL value, or total locked value, has exceeded $370 million, an increase of 520% since the beginning of the year.
Historically, certain cryptocurrencies have increased in value during the time period that includes the Christmas holidays, spurring expectations for similar trends among investors. Assets like ADA have managed to attract the attention of those looking to benefit from short-term movements.
As Koinfinans.com reported, PricePredictions and artificial intelligence-supported machine learning algorithms, which took these dynamics into consideration, made remarkable predictions. These algorithms evaluate constantly changing market conditions and analyze relevant indicators to predict the likelihood of ADA making gains by Christmas day.
Algorithms predict Cardano to rise to $0.578835 by December 25, representing a 3.69% increase from the current asset price at the time of publication.
Cardano Price Analysis
In addition to increases in total value locked, ADA has recently exhibited a significant increase in trading volume. A surge of over $12 million in decentralized exchange (DEX) volume occurred shortly after ADA reached the $0.50 level.
According to data from DefiLlama, trading volume on Cardano DEXs surpassed $12 million on December 9, experiencing a weekly increase of 140% to reach $50 million within 24 hours.