Cardano (ADA), the 11th largest cryptocurrency with over $13.3 billion in market capitalization, appears set for a rally. The proof-of-stake blockchain has the potential to record significant growth in November, according to its historical trend.
According to insights crypto analytics platform Cryptorank, Cardano might record over 40% growth this month based on precedent.
Cardano’s historical growth path
According to Cryptorank data, Cardano's average monthly growth rate in November was 42.4%. This is the median projection for ADA’s growth rate based on data collated over the past 10 years.
Cardano is known to have some positive monthly growth, with the closest coming in February. For the month, the CryptoRank data hinted at average growth of 32.2% for the coin.
Although ADA’s current price performance might not look like it, Cardano could achieve this predicted figure. The blockchain has had record-breaking successes in the past. For instance, four years ago, in November 2020, Cardano registered an average growth rate of 84%.
In 2023, the monthly Cardano growth is an average of 28.4%. The current projection is that building on this momentum of ecosystem hype might help it recreate similar success stories.
Key ADA price catalysts to watch
Considering how opinion often shifts on the broader market, Cardano must remain consistent with its other key metrics to achieve this month's projected success.
For instance, the recently launched Bitcoin–Cardano Bridge must live up to the community hype. The bridge, launched to drive liquidity flow across both chains, has to gain traction among users to maximize utility with a visible shift in Cardano’s DeFi total value locked (TVL).
Additionally, trading volume, currently up by a significant 33.62% to $316.03 million, has to remain consistently elevated. In all, the coin will look to top its current price of $0.3566, up 2.3% in 24 hours, per CoinMarketCap data.