Cardano (ADA) has faced increased backlash over the years for its sluggish price movement. But the altcoin has witnessed a major spike in recent times. Over the past 24 hours, in particular, ADA has surged by nearly 8%, making it a top performer of the day. While the asset has managed to surge beyond the $1 level, the community was seen expecting ADA to reach $2 before the end of the year. But the real question is if the altcoin has the potential to rise to this high.
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Looking Into Cardano’s Latest Rally
Throughout the past 24 hours, the altcoin has surged by over 6%. At press time, the asset was trading at $1.06. Cardano rose to a high of $1.14 earlier this month during the notable November rally.
The actions of whales are a prominent factor that needs to be taken into consideration. Wallets with more than $10 million in ADA have grown their holdings by 145.72%. In addition, the positions of wallets with $1 million to $10 million in ADA have doubled. This highlights how large holders have been taking increased interest in the altcoin.
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Can The Altcoin Reclaim $2?
According to data from CoinCodex, Cardano is expected to trade in a range between $1.357128 and $1.463271 at the end of the year. This would mean that, if the average price for December was $1.410195, the price of ADA rose by 32.40% from today’s pricing. In addition, assuming ADA makes the prediction, investors might potentially make 37.39%.
As seen in the above prediction, Cardano inches close to reaching $2. But it should be noted that several factors could push the price of the asset to the desired price level.
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