Cardano price followed the general trend in the market and hit a key psychological resistance level of $1 on the first day of trading in March. According to CoinMarketCap, the price rally is likely due to a rapid change in market trends.
According to the website, the cryptocurrency has experienced an 11% price increase and reached the nearly $1 milestone for the first time since late February. In addition to the rapid price increase, ADA has suffered an increase in trading volume reaching $1.8 billion.
Previously, ADA was trading in range for five days and reached local bottom on February 24 after falling below $0.75 for the first time since February 2021.
As previously reported by U.Today, Cardano’s TVL reached a new milestone in February, with more than $120 million worth of user funds locked in various smart contracts on the chain. As always, the SundaeSwap platform saw the largest amount of locked funds.
Cardano’s Long-Term Market Performance
While the cryptocurrency’s short-term movement brings some gains for investors, Cardano’s long-term performance is far from being the best in the crypto market. According to on-chain and market data by IntoTheBlock, less than 12% of all ADA holders are making a profit with the cryptocurrency.
Such imbalances in asset profitability are likely due to the structure of the holders. As the indicator points out, 75% of all ADA holders have entered cryptocurrencies in the past 1-12 months. Most likely, most investors bought the property during its bull run for up to $3.
At press time, Cardano is trading at $0.93 with an increase of 10% over the past 24 hours.