TLDR:
Cardano (ADA) experienced a 16% price increase, reaching $1.28 with a market cap of $44.7 billion
The network processed 134,000 transactions per second during the Hydra Doom Tournament
Analysts predict potential price targets ranging from $2.77 to $10 for ADA
A $100,000 Doom Tournament launched to demonstrate Hydra’s Layer 2 scalability solution
Notable gaming and entertainment figures are participating in the tournament, with finals in Las Vegas
Cardano is making waves in both price action and technical capabilities this week. The network’s native token ADA saw a 16% increase, touching $1.28, while simultaneously achieving a technical milestone by processing 134,000 transactions per second during a gaming tournament.
The price movement has pushed Cardano’s market capitalization to $44.7 billion, marking a 268% increase over the past month. This surge has caught the attention of investors and analysts alike, with several experts offering bullish predictions for the token’s future performance.
Cardano
ADA Price
Crypto analyst Javon Marks has set a near-term price target of $2.77 for ADA, suggesting a potential 130% increase from current levels. Taking an even more optimistic stance, analyst Lark Davis predicts a possible 747% jump to $10. These predictions are supported by institutional backing, with Mark Yusko, CIO at Morgan Creek Capital, naming Cardano as one of his top altcoin picks for 2024.
$ADA (Cardano) continuing to display monumental strength here and can be in full pursuit towards the first target of $2.7709 which can result in another +135% move from here to reach it but history says there can be more !
See charts below… https://t.co/OXkUPU1un4 pic.twitter.com/VOCZMOTo5Q
— JAVONMARKS (@JavonTM1) December 1, 2024
Technical analysis shows that ADA recently encountered resistance at $1.15, a level that traders are watching closely. A successful break above this point could trigger renewed buying interest, while failure to maintain this level might lead to a pullback toward support at $0.88.
Cardano Network
The network’s technical capabilities were put to the test with the launch of the $100,000 Hydra Doom Tournament. Charles Hoskinson, CEO of Input Output Global (IOG), shared that the network processed over 134,000 transactions per second during the event, showcasing the potential of Cardano’s Layer 2 scaling solution, Hydra.
The tournament, which began with pre-event testing showing 28,500 transactions per second, has attracted notable participants from the gaming and entertainment industries. Among them are Twitch creator PotasticP, hip-hop artist MIMS, former DOOM 3 champion Fatal1ty, and actor Chris Pang.
Not bad Cardano. #HailHydra pic.twitter.com/eizTRjc9Ii
— Charles Hoskinson (@IOHK_Charles) December 3, 2024
Players worldwide are competing in online qualifiers during a two-hour window, with top performers advancing to the finals in Las Vegas in January 2025. The event offers a $100,000 prize pool and will be hosted at a professional esports arena.
The tournament serves a dual purpose: it’s both a competitive gaming event and a real-world demonstration of Hydra’s capabilities. Players battle against AI bots designed to stress-test the protocol’s throughput and speed while maintaining security.
Cardano’s development team has engineered Hydra through peer-reviewed research to deliver high transaction speeds, instant finality, and low costs. The solution aims to address scalability challenges that often limit blockchain adoption.
The platform is preparing to release 18.53 million ADA tokens, worth approximately $20 million, on December 4. These tokens will be directed toward staking and treasury reserves, potentially supporting long-term growth initiatives.
The gaming tournament’s implementation on Cardano represents a novel approach to blockchain scalability testing. Each frame of the game generates a transaction, creating a sustained load that helps validate the network’s performance under real-world conditions.
The broader crypto market context appears favorable for Cardano’s developments. Bitcoin’s approach toward $100,000 and potential shifts in U.S. policy following recent political events have created an optimistic environment for cryptocurrency growth.
Professional esports personalities Dgon and Raynday are hosting the tournament, adding credibility to the event within the gaming community. Their involvement helps bridge the gap between traditional gaming and blockchain technology.
The tournament’s structure allows for widespread participation while maintaining competitive integrity. The two-hour qualification window ensures global accessibility while the live finals provide a traditional esports experience.
Hydra’s performance during the tournament offers concrete data about Cardano’s scaling capabilities. The ability to handle 134,000 transactions per second demonstrates the potential for supporting high-demand applications.
The post Cardano (ADA) Price: Hits $1.28 as Analysts Project 750% Growth Potential & Network Hits 134K TPS appeared first on Blockonomi.