Following the approval of Bitcoin‘s spot ETF, Cardano (ADA) experienced a significant upward momentum, standing out among other altcoins with a 13.31% surge in price to $0.5857 within 24 hours. This increase is one of the most evident indicators of the positive market sentiment impacting ADA’s value.
The rise in ADA’s price was accompanied by a notable increase in the number of addresses holding ADA, signaling growing investor interest in the cryptocurrency. Despite the uptick, a slowdown in ADA’s trading activity has been observed, warranting careful consideration by investors.
Cardano’s ecosystem continues to evolve with developments in its Mithril upgrade, which is anticipated to foster further growth. The launch of Cardano’s mainnet in June garnered significant investor attention, with an increase in participation from dedicated Stake Pool Operators, ensuring uninterrupted network operations.
While ADA’s performance post-ETF approval is promising, investors must also be aware of challenges that could impact Cardano’s future. A 92.7% increase in revenue was reported last month, yet there has been a noticeable and consistent decline in the number of core developers contributing to the network, potentially leading to future development issues for the platform.
Furthermore, Cardano’s NFT ecosystem has seen a decline in recent weeks, with the volume shrinking. This decrease in interest towards Cardano’s NFT sector could negatively affect the network’s vitality and the community’s engagement with the platform.