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- ADA mirrors 2018-20 trends, hinting at potential breakout amid market catalysts.
- AVAX faces a downturn but garners institutional interest despite token burn concerns.
- Cardano poised for post-Bitcoin halving surge, with predictions hitting $2.5-$5 range
Cardano’s current market performance is drawing attention due to its price fluctuations reminiscent of the 2018–2020 period. Currently trading at $0.4977, a 3.24% decline from the intra-day high, Cardano’s price has been oscillating, echoing past consolidation trends. During the downturn, ADA’s market capitalization dipped by 3.59% to $17,537,826,651, while its 24-hour trading volume dipped by 13.74% to $664,408,805.
ADA/USD 24-hour price chart (source: CoinStats)
Market analyst observing these patterns suggest that, while Cardano might continue to experience these swings until mid-April 2024, the potential for a significant breakout remains strong. This expectation is buoyed by market catalysts, including the potential impact of a Bitcoin ETF (TSX:EBIT) approval by the SEC.
Avalanche (AVAX) Downturn Amidst Token Burns
Simultaneously, Avalanche’s native token, AVAX, has seen a downturn, currently priced at $36.65, despite record token burns in the network.
AVAX/USD 24-hour price chart (source: CoinStats)
December witnessed an unprecedented burn of 195,000 tokens, primarily attributed to the rise in inscriptions. While reducing circulating supply and potentially increasing token value over time, this activity raises concerns about rising transaction fees and centralization issues.
Despite these market fluctuations, institutional interest in Avalanche remains robust. The inclusion of AVAX in Grayscale’s Digital Large Cap Fund is a significant indicator of sustained interest. With Grayscale managing billions in financial assets, their adoption of AVAX underscores confidence in Avalanche’s long-term prospects.
Looking ahead, Google (NASDAQ:GOOGL) Bard’s recent prediction places Cardano in a favorable light after the upcoming Bitcoin halving event. Expected to surge between $2.5 and $5, this forecast hinges on the broader market dynamics post-halving, which historically have been favorable for significant altcoins.
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