Cardano (ADA) is on a roll, surging past the $1 mark and reaching a new multi-year high. This impressive price performance has coincided with a notable upgrade in the asset’s rating by Weiss Crypto, a leading cryptocurrency rating agency.
Breaking Through the $1 Barrier
ADA’s recent rally has seen its price climb over 250% in the past few weeks, breaking through the psychological $1 barrier and reaching a high of $1.15. The surge made Cardano one of the top performers in the crypto market this past week.
While the potential crypto market bull run may have contributed, there are adequate on-chain metrics to support Cardano’s impressive price action.
For example, Cardano’s daily active addresses have surged, suggesting increased user activity and network engagement. The asset’s social volume also spiked while technical indicators suggest an ongoing momentum.
Cardano Joins the “A” League
Meanwhile, Weiss Crypto has also upgraded Cardano’s rating to “A-“, adding to the positive momentum. The class upgrade places Cardano (ADA) in an elite group alongside Bitcoin and Ethereum.
According to Weiss Crypto, the rating signifies “excellence in adoption, technology, and overall market performance.” Other assets like Dogecoin, Solana, and XRP all have a B rating.
Invariably, the upgrade further solidifies ADA’s position as a major player in the crypto space.
What’s Next for Cardano?
With Cardano attracting attention from investors and analysts alike, many are optimistic about its future potential. Some have further predicted a continued rise to as much as $10 or $3.5 at least. predicting further price increases.
While a continued ascent is not impossible, it’s important to note that the crypto market remains volatile, and the ADA price predictions should be treated with caution.
Despite the uncertainties, Cardano’s has solidified its position as a leading cryptocurrency with strong fundamentals. As the crypto market continues to grow, Cardano can be expected to reach new milestones in the months and years to come.
