As a seasoned researcher with a keen eye for crypto trends and market dynamics, I find the recent surge in Cardano (ADA) intriguing. After witnessing a bearish start to the week, the rebound of nearly 4% within 24 hours is quite noteworthy. The significant transaction volume, particularly from large ADA holders, or ‘whales’, as they are commonly known, adds credence to this uptick in activity.
Over the past day, Cardano (ADA) experienced a notable surge of approximately 4%, which appears to be linked to an increase in activity among significant ADA holders. The beginning of the week saw a bearish trend for ADA, with its price mainly decreasing throughout. On Monday, the price of ADA reached a low of around $0.33260, marking a 9.5% drop. However, since then, ADA has made a recovery and risen by approximately 6% from that bottom point.
The surge in price was significantly boosted by high trading activity, particularly from substantial investors or ‘whales’, as indicated by IntoTheBlock’s (ITB) data. This substantial trading activity equated to approximately 17.33 billion ADA, which is roughly equivalent to $6 billion.
Major Uptick In Cardano Whale Activity
The “Large Transaction Volume” indicator by IntoTheBlock monitors transactions worth $100,000 or more. Remarkably, this measure indicates that whale transactions were valued at approximately $24.18 billion over the past week, marking a significant rise compared to the previous week’s figures. Notably, a substantial portion of these transactions occurred within the last three days, with transactions amounting to around $6 billion on October 11 and $5.8 billion on October 10.
It seems that the increased whale activity is strongly associated with the continuous advancements happening within the Cardano network. As per InputOutput’s latest report, Cardano has been a significant center for blockchain developers, particularly since the recent updates to version 9.2.0 and subsequent update to 9.2.1. The data from InputOutput shows that as of late September, there were around 1,376 active projects under development on Cardano, highlighting its appeal among blockchain pioneers. Furthermore, during September alone, the number of newly minted native tokens increased by approximately 80,000, and the total transactions on the network skyrocketed by over 1.34 million.
ADA Price To Reach $0.5 Or Drop Again?
Over the past few weeks, I’ve found myself closely watching ADA‘s price movements, noticing a significant amount of scrutiny and skepticism. On social media, the general sentiment among fellow crypto investors has been rather pessimistic compared to usual. Recently, Cardano’s creator, Charles Hoskinson, took to a popular social media platform X to address these concerns and share insights about the project’s future developments.
Charles Hoskinson explained that the pessimistic viewpoint doesn’t imply any setbacks for Cardano, rather it underscores the project’s ongoing expansion. Additionally, he pointed out some shortcomings in other crypto ecosystems, stating that unlike many others who are partnering with corporate titans such as BlackRock and Wall Street, Cardano stays dedicated to its mission of being a genuine decentralized currency.
Regarding ADA‘s price, although there’s been some pessimism, it has successfully maintained a crucial support level at $0.33. This gives a glimmer of hope to optimistic investors. Furthermore, network expansion and a positive surge in the futures market indicate a brighter future perspective. The increased whale activity might be an early sign of a more prolonged price increase for ADA.
Currently, ADA is being traded at approximately $0.354. It’s expected that there might be a substantial jump above $0.40 as the first goal, followed by another potential rise towards $0.50.
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2024-10-12 23:46