As a seasoned crypto investor with a portfolio that includes Cardano (ADA), I’ve grown accustomed to the digital currency’s often sluggish response to market trends. However, the recent 3.27% price surge to $0.3855 within the past 24 hours has piqued my interest.
Among the digital currenies exhibiting a more sluggish reaction to market fluctuations, Cardano (ADA) stands out as one. Yet, within the last 24 hours, its price has experienced a notable increase of 3.27% and currently sits at $0.3855. Cardano is among the select altcoins in the top 10 that are displaying positive price movements at present.
27 billion Cardano thrill
Based on information from crypto analysis tool IntoTheBlock, there was a significant increase of 26.97% in large transactions for Cardano within the last 24 hours, resulting in a total volume of $10.43 billion. Noteworthy is that Cardano has a reputation for having whale-sized investors, yet this recent surge stands out due to the current market conditions surrounding the altcoin.
In simpler terms, $10.43 billion worth of ADA coins were traded in a day, equating to approximately 27.17 billion units of this digital asset. With over 35.7 billion ADA in existence, the substantial trading volume suggests that over 76% of the total supply was transacted. This significant activity surprised ADA skeptics and thwarted prolonged price declines.
Before today, the price of Cardano on the market had been uneven, with a 24-hour decrease of up to 13.15% and a drop of over 18% in the past month. Now, a significant whale transaction is anticipated to help ADA align its market performance with its underlying fundamentals, potentially establishing a steady path for growth.
Build up bullish momentum
In the intensely competitive crypto marketplace, Cardano has found itself in a challenging position due to the fierce competition surrounding it. Nevertheless, this digital currency has been gradually gaining strength and showing signs of a bullish comeback in recent times.
Based on my analysis of the cryptocurrency market trends, I’ve noticed that Cardano experienced a significant surge in trading volume on June 18th. This increase suggests heightened buying activity from various types of investors.
One significant development that could boost Cardano’s resurgence is the SEC’s decision to halt its investigation into Ethereum‘s securities status. This action implies that Cardano, too, may avoid regulatory scrutiny and associated market penalties.
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2024-06-19 19:03