There have been lots of bullish predictions for Cardano (ADA) over the past few months as the digital assets outperform virtually all top cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH).
In a recent tweet on X, renowned crypto enthusiast Jason Appleton shared a video explaining how the bull season’s apex will send ADA to $32.
Read Also: Cardano’s Sudden Loss of Small Wallets Fuels ADA Potential For Massive Price Surge
Sounding seemingly confident, the crypto enthusiast added, “I believe Cardano will be one of if not the most valuable Altcoin on the market by market peak.”
#Cardano Bull Market to a $32 ADA.
— Jason Appleton (Crypto Crow) (@jasonappleton) December 13, 2023
In this video I explain how it could be possible to see a $32 ADA in the most prime of conditions by the peak of this Bull Market Cycle.
I believe Cardano will be one of if not the most valuable Altcoin on the market by market peak. pic.twitter.com/sWW16dWGmv
Intriguingly, Jason’s tweet coincided with the period when Cardano appeared to be registering remarkable market indices, especially in its Total Value Locked (TVL) metrics and other significant market statistics.
Cardano (ADA), the eighth-largest cryptocurrency per market capital, recently recorded a significant surge in its TVL metrics. According to data from DefiLlama, the largest TVL aggregator for Decentralized Finance (DeFi), Cardano currently boasts a TVL worth about $434.17 million.
Meanwhile, compared to what was obtainable at Cardano’s peak in March, the TVL was about $326 million, implying a significant 33% increment.
For context, the TVL is a metric that estimates the total U.S. dollar value of digital assets locked on an individual blockchain through decentralized finsDeFi platforms or decentralized applications (dApps).
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Drivers Of Cardano’s TVL Spike
Cardano’s TVL surge was mostly driven by lending protocol indigo and on-chain exchange Miniswap. Notedly, these entities recorded TVL spikes of about 50.2% and 42.3%, respectively, bringing their TVL to estimated sums of $110.7M and $97.6M.
Djed (DJED) stablecoin also recorded a 45% supply increase in the past week; this implies an increased capital flow towards the token as investors aim to capitalize on profits.
Intriguingly, small-scale protocols like Lenfi Levvy Finance are not left out of the past week’s buzz, as they also registered remarkable increments of 89.3% and 93.1%, respectively.
Read Also: Cardano (ADA) Poised To Breakout Based On This Bullish Sign Spotted By Santiment
Cardano (ADA) in the Market
Apart from ADA’s incredible exploit in the DeFi space, its other market variables have been impressive too. ADA is currently changing hands at approximately $0.63. Its Increment in the past seven days and last 30 days was remarkable, with price surges of 32% and 75%, respectively.
Meanwhile, according to one of our recently published reports, Cardano’s loss of smaller wallets is one factor helping ADA’s price growth.
While the precise trigger of this exodus remains unidentified, Santiment still drew a parallel between the scenario and ADA’s recent price actions.
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