"Investors hope it's not false hope, fearing a sudden rise and then a fall."
After facing a significant decline throughout 2022, the cryptocurrency Cardano (ADA) managed to bounce back at the beginning of this opening of 2023 when its price jumped by 7% in the last 24 hours while its trading volume also broke through $250 million.
The positive reaction is a follow-up from whales who have bought a large amount of ADA and not forgetting the development of the ADA DeFi ecosystem.
Binance Smart Chain (BSC)'s biggest whales were found to be interested in the digital asset when they bought 19.9 million ADA worth $5.19 million in the last 24 hours.
Meanwhile, Total Value Locked* (TVL) ADA rose to $52.53 compared to its previous low of $48.95.
*One of the key pointers to help understand the value of smart contract protocols
If observed from the perspective of development activities, ADA is one of the most active protocols followed by Polkadot (DOT) and Cosmos (ATOM).
As proof, ADA development activities in the internet hosting service, GitHub recorded an increase of more than 18% last November.
As of this writing, the price of ADA gained 0.2% hovering at the $0.26 zone in the past 1 hour, but saw a slight decrease compared to before its highest level was at $0.28.
Overall, the digital asset reportedly made a one-third recovery in January of the new year after losing more than 25% of its value in early December 2022.
