Cardano (ADA) Growth Momentum

Cardano (ADA) is establishing its growth trajectory in the broader market. Despite recent turbulence, it has achieved a 19% rally this month. The cryptocurrency has experienced both positive and negative trends, impacting investor sentiment. Nevertheless, historical data suggests Cardano may significantly improve its performance this month.

Cardano’s Potential for Growth

Data from Cryptorank shows that Cardano has averaged a growth rate of 2.32% in March since its launch. Historically, March has been a positive month for ADA, demonstrating a mix of wins and losses since 2018.

In its inaugural March in 2018, Cardano saw a negative growth trend of 50%. The following year, however, the price surged by 62.2% before correcting by 35.5% and 8.77% in subsequent years.

More recently, Cardano displayed a bullish outlook, closing at an 18.9% increase in 2019 and a 13.3% uptick in the following year. Despite a slight loss of 0.94% in March 2024, this is deemed negligible.

The current 19% rally positions ADA as the second-best March performance since its inception. If this upward trend persists, it could surpass the 2019 growth rate of over 62%.

Why Cardano Deserves Success

The proof-of-stake blockchain has solid fundamentals to support its projected growth in the coming weeks. Asset managers are seeking to file for a Cardano ETF product with the U.S. Securities and Exchange Commission (SEC).

In addition to the ADA ETF, the Cardano protocol is implementing a significant chain upgrade aimed at enhancing decentralization. The network remains one of the most promising contenders for leading the next altcoin season.

Other factors to monitor include the revival of trading volume, open interest, and the activities of Cardano whales that could influence investor sentiment in the short term.