Cardano Hits $0.599 as Institutional Investors Ramp Up Activity
The post Cardano Hits $0.599 as Institutional Investors Ramp Up Activity appeared on BitcoinEthereumNews.com.
Over 50% of Cardano holders are back in profit, highlighting ADA’s strong recovery and investor confidence. Cardano’s derivatives market activity declines sharply, despite bullish sentiment from top traders on major exchanges. Institutional investors drive $34.26B in high-value transactions, as long-term holders show unwavering confidence in Cardano. Cardano’s (ADA) price surged, bringing substantial relief to its investors. More than 50% of ADA holders now hold profitable positions, according to IntoTheBlock. ADA recovered strongly, a pattern consistent with its history of rapid profitability increases. As of November 12, 2024, Cardano trades at $0.599. Its 24-hour trading volume is over $3.6 billion. The price dropped 4.09% recently, but the asset’s market cap is still $20.98 billion. Derivatives Market Faces Decline Cardano’s derivatives market slowed considerably. Trading volume fell 25.45%, and open interest declined 10.95%. Additionally, the options market saw a drastic 92.94% drop in trading volume. This indicates reduced market interest, which appears at odds with the optimism of top traders on platforms like Binance and OKX. The long/short ratios on these exchanges are over 2.0. This may indicate bullish sentiment among large investors. However, $11.19 million in long positions liquidated in the past 24 hours, which suggests potential volatility ahead. Institutional Investment Remains Strong Institutional investors made $34.26 billion in high-value transactions last week. Large holders now hold 29% of ADA’s circulating supply. Furthermore, 73% of investors held their positions for the long term, which may show strong confidence in the asset’s prospects. Cardano’s correlation with Bitcoin is 0.81, aligning it with broader market trends. However, Cardano’s Telegram membership fell 0.24%, perhaps indicating some retail pullback. Technical Indicators Suggest Caution Cardano’s recent bullish rally rose to a high of $0.594. The daily candlestick pattern shows consecutive green candles and higher highs , which may suggest strong upward momentum. Trading volume rose, with…
Filed under: News - @ November 12, 2024 6:16 am