Santiment analysts point to a possible doubling of ADA growth

According to experts, the market value to realized value ratio of the asset has now reached the lows of 2019

23.10.2022 - 06:30

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The material is not an investment recommendation and is published for information purposes only.

What’s new? Analysts at Santiment reported that the token of the Cardano(ADA) network could see double growth over the next three months. Experts noted that the market value to realized value (MVRV) ratio of the asset is currently at its lowest since January 2019. In this, the last time the MVRV ratio reached such a mark, ADA’s price doubled. As of October 22, 11:55 UTC, the asset is trading at $0,35, having gained 5,02% in 24 hours, according to crypto exchange Binance.

📊 #Cardano now sits at its lowest relative position compared to its realized value since Jan, 2019. This is a sign of undervaluation based on average trader losses. $ADA's price doubled the following 3 months the last time its MVRV Z-Score hit this level. https://t.co/D8Bwk2GWEB pic.twitter.com/gnOuGVqqOq— Santiment (@santimentfeed) October 22, 2022

What is known about Cardano? It is a blockchain platform created by Input Output Hong Kong (IOHK) and Ethereum co-founder Charles Hoskinson in 2017. Cardano supports smart contracts and also has the native token ADA that enables users to participate in the operation of the network. The asset ranks eighth in the cryptocurrency ranking with a capitalization of $12,3 billion.

On September 23, the network’s developers launched the Vasil hard fork. The upgrade reduced the cost of executing scripts and the size of transactions, as well as increasing the network’s throughput by about 20-30%.

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