With the recent increase in ADA’s price, Cardano has seen a boost of over $1 billion in its market value within the past 24 hours.
Following a robust beginning to the week, the overall cryptocurrency market appears to take a breather. Nevertheless, Cardano’s positive momentum persists, with ADA prices surging by an extra 7%. Currently, at the time of writing, Cardano (ADA) is valued at $0.44, boasting a market capitalization of $15.8 billion.
Cardano (ADA) Defies Market Trend with 7% Surge
Recent on-chain data from Santiment reveals that Cardano (ADA) has bucked the broader cryptocurrency market trend by experiencing a 7% increase in its market value. This positive movement stands out amidst a general decline observed in the crypto market on Wednesday.
Courtesy: Santiment
Despite a decrease in the total number of ADA addresses, which is typically seen as a positive signal, Cardano’s market capitalization surged by over $1 billion within a 24-hour period. The reduction in the number of wallets often suggests that smaller holders may be selling their assets to larger investors, potentially facing losses.
As of the latest data, ADA’s overall market capitalization has reached $15.5 billion, solidifying its position as the 8th-largest cryptocurrency by valuation.
During this recent uptrend, ADA experienced a significant rally, climbing from its intraday low of $0.412 to a peak of $0.434, representing a noteworthy gain of 9%. This latest movement contributes to ADA’s ongoing revival, marking a substantial 50% increase from its mid-June lows.
The surge in investor attention and activity surrounding ADA has been a significant factor in this resurgence. Over the past 24 hours, ADA’s trading volumes soared to $850 million, reflecting an impressive 138% increase. Analysts suggest that the ADA price could potentially rally by an additional 35% to reach $0.556.
Cardano’s On-Chain Activity Signals Growth and Potential Price Surge
Monitoring on-chain activity through the Cardano Explorer reveals a consistent surge in transactions, surpassing 1.5 million during epochs 450, 451, and 452, where each epoch spans five days in Cardano’s terminology.
Notably, the count of “large transactions” saw a substantial increase to over 7,000 in early December. This marks a noteworthy uptick from the 4 to 6 thousand range observed throughout much of November.
The burgeoning Cardano ecosystem is evidenced by the introduction of over 150 new projects on the platform. Accompanied by the creation of nearly 10 million native tokens and the processing of over 79 million transactions to date, Cardano has solidified its reputation as a robust and expansive network.
#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
Journalist and editor Ali Martinez highlights the potential for a price spike in Cardano, drawing attention to the notable rise in large transactions. This surge is interpreted as a sign of heightened interest from whales and institutional investors.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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