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Cardano (ADA) is on track for one of its longest daily win streaks this year, poised for its seventh consecutive day of gains since Sept. 7. The increase has brought it closer to the much-watched $1 mark, with the price reaching an intraday high of $0.954 early Saturday.
Cardano has seen buying pressure since the week's start as markets rose in optimism of a potential Fed rate cut in September.
The U.S. consumer price index rose to 2.9% on an annual basis in August, according to data released Thursday, with the CPI marking its biggest monthly jump since January. Annual core inflation, which is more closely watched by Federal Reserve, increased to 3.1%.
According to crypto analyst Ali, Cardano whales are back, acquiring over 20 million Cardano (ADA) in the last 24 hours, indicating buying pressure in the markets.
At the time of writing, Cardano was up 7% in the last 24 hours to $0.946 and up 15% weekly. Cardano's price has broadly risen since the Sept. 1 low of $0.789. The rise has seen Cardano climb higher in crypto market rankings, now in the ninth spot with a current market capitalization of $33.84 billion.
Cardano news
Cardano has reached a major milestone with the first fully community-elected constitutional committee now in place. This shift strengthens Cardano’s decentralization, ensures constitutional oversight of governance actions and sets a precedent for transparent, accountable decision-making.
This week, Yoroi Extension v.5.13.0 was released, introducing a new success screen for Midnight claims and improved localization for Japanese speakers.
On-chain activity also saw an increase in the week, with total transactions rising to 113.68 million. Developer activity stayed consistent, as seen in 320 GitHub commits made this week. According to Input Output, work is underway to prepare the pre-release of Mithril’s 2537 distribution.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team