The price of Cardano’s ADA token has turned bullish this week, posting a 7% increase since Wednesday
This surge in ADA’s value coincides with a broader rise in cryptocurrency asset prices after an extended bear market throughout most of 2023.
In this article, we’ll take a closer look at Cardano’s recent price movements before exploring which altcoins could be poised for their own bull runs if the positive market momentum continues.
Cardano’s ADA Token Surges Thanks to DeFi Growth & Bullish Technicals
ADA is now hovering around the $0.30 level, the token’s highest value since the first week of August.
Several factors have combined to boost demand for ADA, including an uptick in decentralized finance (DeFi) activity.
Data from DeFiLlama shows that Cardano’s Total Value Locked (TVL) has surged to $210 million, marking a 32% increase over the past month
This increase can be attributed to growth in Indigo, Minswap, and Liqwid, three of Cardano’s biggest DeFi projects.
This rapid growth in TVL shows the increasing adoption and use of the Cardano network, which is prompting more investors to hold ADA.
Additionally, November has historically been one of Cardano’s best months, with an average return of 44.7% going back to 2017.
Lastly, the technicals are aligning to boost demand for ADA, with the token’s price recently breaching above the 200-day Exponential Moving Average (EMA).
These elements have helped boost investor sentiment regarding Cardano – setting it up for a potentially fruitful end to 2023.
Which Altcoins Could Be Next to Pump?
With Cardano’s ADA token leading the way, traders are now looking ahead to other altcoins that may be primed for their own rallies if bullish conditions continue.
Presented below are three top contenders that many traders believe could post significant gains before the end of the year:
1. TG.Casino (TGC)
The first project that investors are eyeing for a potential price surge is TG.Casino (TGC).
This innovative crypto casino is built on Telegram and offers games, sports betting markets, and generous staking rewards.
Its direct integration into Telegram enables players to avoid downloading third-party apps and having to complete lengthy KYC processes.
This setup means that players can gamble anonymously using cryptocurrencies, including TG.Casino’s native TGC token.
Those who opt to place wagers using TGC will receive 25% cashback on their losses, providing a clear incentive to utilize the token.
Although still in development, TG.Casino has raised over $1.6 million through its presale phase, showcasing the level of interest from investors.
Those looking to buy TGC tokens before the platform’s official launch can do so via the TG.Casino website.
2. Bitcoin Minetrix (BTCMTX)
Next up is Bitcoin Minetrix (BTCMTX), which has introduced an innovative staking model that allows users to earn cloud mining rewards for BTC.
With Bitcoin’s next halving event fast approaching, investor interest in platforms that offer accessible and decentralized exposure to BTC mining could surge.
This would drive up demand for BTCMTX, Bitcoin Minetrix’s native token, which is required for staking to generate cloud mining power.
Not only that, but BTCMTX staking also offers yields of 188% APY – thereby providing a dual-earning approach for holders.
The project has attracted enormous interest during its presale phase, raising over $3.1 million from investors worldwide.
Bitcoin Minetrix’s socials have also drawn attention, with the project’s official X (formerly Twitter) account now boasting an audience of 5,200 people.
Should Bitcoin Minetrix’s developers successfully execute their roadmap, including planned partnerships with high-profile mining firms, BTCMTX could post substantial gains before the end of 2023.
Prospective investors can buy BTCMTX tokens through the presale for $0.0113 using ETH, USDT, or a credit/debit card.
3. Celestia (TIA)
Celestia (TIA) is a layer-1 blockchain that aims to solve some of the core challenges that still plague major networks.
The developers just launched Celestia’s mainnet and issued its native TIA token to 580,000 users.
Speculation and hype around the mainnet’s launch drove TIA’s price up sharply, with the token soaring from $1.90 to $2.56 in the past few days – a 34% increase.
Over $396 million worth of TIA was traded on the spot market over the last 24 hours, making it the 21st most-traded token globally.
Given that Celestia seeks to provide scalable data availability across multiple blockchains, the high volume and sizable price movement suggest the market is optimistic about its potential.
As such, TIA could be another altcoin poised for further growth in the coming weeks.
4. Polygon (MATIC)
Lastly, Polygon (MATIC) has seen an uptick in interest recently and could be poised for an exciting end to 2023.
After performing poorly for most of the year, MATIC has surged over 26% in the past month as the broader crypto market rebounded.
Several factors fuelled this rally, including substantial progress in Polygon’s development, a bullish sentiment spurred by network upgrades, and speculation among traders about MATIC’s potentially undervalued price.
Polygon’s surge has even led it to be ranked fifth on CoinMarketCap’s list of trending cryptocurrencies.
With Polygon now considered by many as the leading Ethereum scaling solution, MATIC seems poised to capitalize on any further growth in the Web3 and DeFi spaces.
As such, MATIC’s October pump could be just the beginning if these market tailwinds continue.