Cardano (ADA), the blockchain protocol known for its thoughtful development approach, is about to reach a notable milestone in its pricing history. Despite a recent decline in the broader cryptocurrency market, Cardano is trading at $0.619 at the time of writing, down 4.43% in the past 24 hours, amid an ongoing massive sell-off in the digital currency ecosystem.
Cryptorank data shows a historic rise
Despite this price drop, data from Cryptorank shows that Cardano is uniquely positioned to end December with an impressive result. Currently, ADA has already achieved a 64.8% increase this month, surpassing the gains of October (15.4%) and November (28.4%). This December gain is also historic, as it is the protocol’s best month since 2017, when it ended with a 517.1% increase.
More than six years of record growth?
After the end of 2017, Cardano ended December 2018 with an increase of 6.12%, an acceptable but relatively low growth for the coin. December 2019 had a negative close of 18.6%, but the coin quickly recovered and rose 6.44% in December 2020.
Looking back on two years of decline
Over the past two years, Cardano trading has declined, with a decline of 15.9% in December 2021 and 23.1% in December 2022. If the current pace continues, Cardano will break a growth record of more than six years.
Key factors driving Cardano’s growth
According to the main trends in the Cardano ecosystem, the protocol has seen impressive development this year in terms of developer efforts.
Diversification and industry trends
Cardano has not only maintained its position as a prominent blockchain protocol, but has also embraced industry trends. Input Output Global, the organization responsible for managing the Cardano protocol, has outdone itself this year with the launch of numerous products, from the lightweight Lace wallet to the Midnight privacy protocol.
A strong ending
Despite current market challenges, Cardano’s resilience and strategic development initiatives point to a strong end to December. As the coin approaches an all-time high, investors and enthusiasts are eagerly awaiting Cardano’s further rise in the crypto scene.
Source: BTC Direct
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
