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Cardano (ADA) is on the verge of making history with its price after years of slow gains and major drawdowns. At the time of writing, Cardano is trading for $0.619, down by 4.43% in the past 24 hours as the broader digital currency ecosystem gets plunged into a major ongoing sell-off.
Tomiwabold OlajideDespite this price slump, data from Cryptorank shows that Cardano is uniquely positioned to finish December on a stellar note. At the moment, ADA has jumped by 64.8% thus far this month, surpassing its October and November gains of 15.4% and 28.4%, respectively. This December gain is also historic as it comes off as the best for the protocol since 2017, when it ended 517.1% higher.
After the 2017 close, Cardano ended December 2018 with a 6.12% upsurge, good but still comparatively bad growth for the coin. In December 2019, a negative close of 18.6% was recorded, but the coin quickly recovered by jumping 6.44% in December 2020.
For the past two years, Cardano has traded lower, dropping by 15.9% in December 2021 and by 23.1% in December 2022, respectively. Should the current pace be sustained, Cardano would have broken a more than six-year growth record.
Cardano essential growth triggers
According to key trends within the Cardano ecosystem throughout this year, the protocol has been on a major run as concerns its developer effort.
Alex DovbnyaInput Output Global, the organization responsible for managing the Cardano protocol, outdid itself this year with the launch of numerous products ranging from its Light Wallet Lace to the Midnight privacy protocol launched months ago.
Cardano also tagged along with major trends in the industry as it played host to stablecoin projects, and its meme coins such as Snek took the limelight in the broader industry earlier in the year. Should Cardano end the year with its current outlook, it would have grown by more than 152.9% in the year-to-date (YTD) period.
Gamza Khanzadaev
Dan Burgin
Alex Dovbnya