 Hello and welcome to Make Money Territory, in this video we will be talking about the latest update on Cardano. Today's surge in the Cardano price can be attributed to a combination of fundamental factors, market sentiment and broader industry trends. Crypto markets are known for their volatility and Cardano with its unique features and active development is no exception. As of this video, Cardano, ADA is trading at a price of $0.59 with a 24-hour volume of $2,576,589,824 and market capitalization of $20,875,154,567. This corresponds to a price increase of 51% over the past week and 10% over the last 24 hours. The current valuation of cryptocurrencies on a global scale is $1.72 trillion, representing a change of 0.68% over the past 24 hours and 92.94% to date. Bitcoin, BTC, currently holds a market capitalization of $860 billion, signifying a dominance of 50.13%. Local coins, meanwhile, have a market capitalization of $131 billion or 7.61% of the total crypto market capitalization. Recent gains in Cardano were not accompanied by any revolutionary fundamentals, conversely they emerged on the cryptocurrency market this month, closing the gap with Bitcoin. Significantly, since its local peak on December 6th, Bitcoin's dominance in the crypto market has decreased by 3.5%, suggesting that numerous traders have redirected capital away from Bitcoin in pursuit of profitable prospects and alternative cryptocurrencies. Since December 6th, this has benefited Cardano, whose market share has increased by more than 46%. Such capital movements are typical in the crypto market. After a substantial price increase, Bitcoin is commonly sold by traders who opt to reallocate their gains to more modest yet precarious cryptocurrency assets. Similar to the performance of altcoins in early November when Bitcoin's market share also declined, this is the case. The price hike of Cardano corresponds to a significant upsurge in the aggregate quantity of ADA deposited throughout its blockchain ecosystem. The total value locked, TVL, in decentralized applications, DApps on Cardano surpassed 765.22 million ADA on December 9th. This increase was led by LENFI, a lending and borrowing protocol on the Cardano blockchain, whose ADA reserves increased by 90%. The price increases of Cardano on December 9th correspond with the liquidation of short positions valued at approximately $5 million, in contrast to long liquidations worth $2.30 million. The ADA market liquidated short positions worth $6.91 million the day prior, compared to long positions worth $1.27 million. In a post on his ex, formerly Twitter platform, crypto analyst Tyler Strajilovic noted that ADA is about to get a bullish weekly cross for the first time since June 2020. The last time this happened, the crypto token was said to have climbed 6,000% in a period that lasted over a year. This indicator seems to spell a very bullish momentum for ADA, as Strajilovic sounded very optimistic about the new heights ADA could attain if this happens. He went as far as labeling ADA potentially seeing a bullish weekly cross as big. According to him, this isn't something he doesn't usually say, probably in a bid to amplify the magnitude of this happening. ADA holders will be hoping that this happens as the crypto token needs all the momentum it can get, even as the bull run draws near. ADA has so far had some naysayers who believe that the token will underperform when the bull market returns. ADA has been making significant progress in terms of development and partnerships. The token has a strong community backing and has been gaining popularity among investors. With the upcoming upgrades and developments, ADA has the potential to outperform other crypto currencies in the market. However, it is important to note that the cryptocurrency market is highly volatile and unpredictable. While ADA may have a promising future, there are always risks involved in investing in cryptocurrencies. It is crucial for investors to do their own research and make informed decisions. In conclusion, ADA holders are optimistic about the future of the token and are hopeful that it will continue to gain momentum. However, it is important to approach cryptocurrency investments with caution and be aware of the risks involved. ADA's performance in the bull market will ultimately depend on various factors, including market conditions and investor sentiment. One of them happens to be crypto analyst Lady of Crypto, who once outlined five reasons for her stance. ADA had hit 60 cents during its most recent rally. However, it faced strong resistance at that price level before it eventually cooled off. However, some predict that it won't be long before it breaks above that resistance level. If that happens, crypto analyst Sebastian noted that the next resistance levels to keep an eye on are 66 cents and 75 cents. Cardano, ADA, the 8th largest cryptocurrency by market capitalization, might be poised for its best weekly close since 2021. That said, on-chain analytics startup Santiment noted that Cardano and other market gainers are seeing one of their highest social dominance days of 2023. The recent price increase accompanies a jump in the ADA social discussion rate to a six-month high. During the week, Ali, a crypto analyst, observed that the ADA price movement mirrored its 2018-2020 pattern in which it consolidated before ascending. As a result, ADA had a dramatic price spike beginning in late December 2020, skyrocketing by about 2,350% to all-time highs of $3.09 in August 2021. Given that Cardano has broken past the 45-cents mark, Ali predicts a potential rally to 75 cents by late December. Meanwhile, the daily number of new Cardano wallets has also steadily climbed since August. Altcoins such as Cardano, ADA, had a widespread increase in value similar to the altcoin cycle observed in early November. This cycle occurred when the momentum of Bitcoin slowed down, prompting traders to secure profits and allocate their investments towards smaller cryptocurrencies. Because of the consistent price of Bitcoin, BTC, which encouraged capital rotation to alternative coins, native tokens associated with Layer 1, L1 blockchains saw the greatest gains on Saturday. Cardano, ADA, was the top performer in the weekend's top 10 rankings. An indicator that keeps track of money coming into and going out of Cardano is the MFI. Prices usually increase when the inflow volume far exceeds the outflow volume. This could account for the breakout from 65 cents, and ADA might try to close the difference to $1 before the end of December if the trend holds steady. The ADA price has been recognized for its gradual but consistent increase, which has kept the token from seeing a strong surge despite the favorable market sentiment. The forthcoming trade's outline, however, seems to have altered as traders have been more engaged on the network, which might perhaps support a healthy upsurge. The on-chain statistics shows that the daily active address has increased significantly and reached quarterly highs. Ultimately, the reason for Cardano's pump is that traders believe it has much more room for growth due to its growing ecosystem. The market's bullish sentiment can also be seen in Cardano's social metrics. Thanks for staying till the end, don't forget to subscribe for more updates.