Should you buy ADA after new privacy protocol announcement and a spike in on-chain activity

Cardano (ADA/USD) co-founder Charles Hoskinson outlined the new features of a privacy-focused protocol that will come to the smart contract platform’s overall ecosystem.

The Age Consumed indicator that tracks the Cardano network showcases that over 107 billion ADA tokens got moved on December 7.

Cardano is one of the largest Proof-of-Stake (PoS) based blockchain networks that has a vast ecosystem and is powered by the ADA cryptocurrency.

New privacy protocol and on-chain activity spike as catalysts for growth

In the latest Cardano news, through an interview conducted by Corey Costa’s Crypto Coins YouTube channel, Charles Hoskison claimed that Cardano’s upcoming privacy protocol, known as “Midnight,” originally announced the previous month, will create a confidentiality network of smart contracts.

Midnight’s main role is to solve the issue of having privacy and disclosure laws simultaneously. 

Based on data from Santiment, old ADA coins were on the move as well, where the Age Consumed indicator for Cardano gave an indication that over 107 billion ADA got moved on December 7. 

Note that ADA’s maximum supply is capped at 45 billion tokens. These factors can affect the value of the cryptocurrency moving forward.

Should you buy Cardano (ADA)?

On December 9, 2022, Cardano (ADA) had a value of $0.3161.

ADA/USD Chart by Tradingview

The all-time high of Cardano (ADA) was on September 2, 2021, at a value of $3.09. Here we can see that the cryptocurrency was $2.7739 higher in value at its ATH, or by 877%.

In terms of the 7-day performance of the cryptocurrency, Cardano (ADA) had its low point at $0.308710, while its high point was at $0.328245. This marked a difference in the value of $0.019535 or by 6%

However, when we look at the 24-hour performance, the low point was at $0.309969, while the high point was at $0.316614. Here we can see a 2% difference, or by $0.006645.

Investors will want to buy ADA as it can climb to $0.42 by the end of December 2022, an increase of 33%.

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