Cardano (ADA) Defies Broader Market Consolidation With 7% Gains, What’s Next?
After a strong start to the week, the broader cryptocurrency market seems to rest a bit. However, Cardano bulls continue to rage in with the ADA price gaining an additional 7%. As of press time, Cardano (ADA) is trading at $0.44 with a market cap of $15.8 billion.
Cardano (ADA) Defies Broader Market Trend
According to on-chain data provided by Santiment, Cardano (ADA) has experienced a 7% increase in market value today, defying the broader trend of decline observed in the cryptocurrency market on Wednesday.
Notably, the total number of ADA addresses has been decreasing, which is also a positive indicator. In the cryptocurrency space, a decline in the number of wallets is often interpreted as a signal that small holders may be capitulating and selling their assets to larger investors, potentially incurring losses.
In a swift surge of buying pressure, Cardano’s ADA witnessed a remarkable increase in its market capitalization, surging by more than $1 billion within a 24-hour period.
As of the latest data, ADA’s overall market capitalization has reached $15.5 billion, securing its position as the 8th-largest cryptocurrency based on valuation.
During this recent upswing, ADA experienced a rally, climbing from its intraday low of $0.412 to a peak of $0.434, marking a notable gain of 9%. This latest movement contributes to the ongoing revival of ADA, which has now seen a substantial 50% increase from its mid-June lows.
A significant factor in this resurgence is the surge in investor attention and activity surrounding the token. Over the past 24 hours, ADA’s trading volumes soared to $850 million, reflecting an impressive 138% increase. The ADA price can most likely rally by an additional 35% from here to hit $0.556.
Cardano Whale Activity on the Rise
Based on on-chain activity monitored on Cardano Explorer, transactions consistently exceeded 1.5 million during epochs 450, 451, and 452 (each epoch lasting five days in Cardano terms).
The count of “large transactions” surged to over 7,000 in early December, marking a significant increase from the range of 4 to 6 thousand observed throughout much of November.
The introduction of over 150 new projects on the platform is a testament to the expanding Cardano ecosystem. With the creation of nearly 10 million native tokens and the processing of over 79 million transactions to date, Cardano has also established itself as an extensive and reliable network.
Notably, journalist and editor Ali Martinez anticipates a potential price spike for Cardano. The rise in large transactions is seen as an indicator of growing interest from whales and institutions.
#Cardano | In the last three months, there’s been a significant increase in $ADA transactions over $100,000, reaching new highs consistently.
This surge points to growing interest in #ADA from institutional players and whales, which is usually a precursor to price spikes. pic.twitter.com/APczM2PGxM
— Ali (@ali_charts) December 4, 2023
The post Cardano (ADA) Defies Broader Market Consolidation With 7% Gains, What’s Next? appeared first on CoinGape.
Filed under: News - @ December 7, 2023 5:25 am