The Cardano (ADA) price attempted to reach $0.40 once again on Tuesday but saw it rejected. On-chain analysis explores how the recent shift in Cardano staking dynamics could accelerate the ADA price rally.

ADA price looks set to break above the $0.40 area as the November altcoin market rally intensifies. Recent on-chain data readings show that rewards accruing to Cardano network participants are rising.

Cardano Staking Valuation Has Hit Historic Peak

Bullish Cardano network participants have seized control of the market this week following positive changes in staking dynamics. First, Cardano witnessed a significant spike in staking in October. As depicted in the chart below, total ADA coins staked hit a 90-day peak of 23.05 billion on October 23. With ADA trading around $0.27, the total staking valuation stood at $6.2 billion at the time.

At press time, a total of 22.94 billion ADA coins are staked across various staking protocols, according to StakingRewards.com, a staking data aggregator platform. Valued at the current prices, the total ADA staked in smart contracts is now worth $8.9 billion, about 65.02% of total coins in circulation.

Go to Source to See Full Article
Author: Ibrahim Ajibade

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details