As a seasoned crypto investor with a keen interest in altcoins, I’m thrilled to witness the impressive rebound of Cardano (ADA) and other top altcoins this weekend. The surge in price, which currently stands at $0.4221, represents a significant 5.29% increase within the past 24 hours. This upward trend is not without its underlying reasons, with Cardano forming strong support above the $0.4 price mark.
This weekend is exceptional and unlike any other as the vast majority of leading altcoins, among them Cardano (ADA), are bouncing back. According to CoinMarketCap’s statistics, Cardano’s value is currently priced at $0.4221, marking a 5.29% increase in the last 24 hours. This uptrend is backed by significant underlying on-chain activity and even the approval of major investors or “whales.”
Cardano reaffirms lead in whale transactions
The crypto analysis platform IntoTheBlock (ITB) revealed a surge in data indicating significant Cardano whale activity. This metric experienced a substantial increase of over 4.5% within the past 24 hours, reaching a total volume of $8.87 billion. Notably, only Bitcoin has reported greater figures among top digital currencies, excluding stablecoins, regarding whale holdings.
As an analyst, I’ve observed that approximately 21.87 billion ADA have been transferred between large holders within the last 24 hours, contributing significantly to the current price surge for Cardano. The pattern of development for this coin seems to be following a predictable script.
Large investors, or those making transactions above $100,000, have recently triggered a surprising buying frenzy. Consequently, trading volume has surged, reaching a total of $333,501,886 – a 1.87% increase from the previous day. This surge in demand has led to an upward price trend for the coin, as evidenced by current market statistics.
Developmental prop-up for ADA
In spite of its volatile nature, Cardano stands out as a protocol committed to substantial development. The chain consistently introduces fresh upgrades, rendering any criticisms about its coin’s expansion obsolete, even without a solid fundamental foundation to support it.
After the implementation of the Midnight Protocol, Cardano’s next significant goal is to transform into a self-governing system. This transition is expected to occur with the upcoming Chang update, marking the beginning of the Voltaire Era.
As a researcher, I’ve mapped out the schedule for this month, and it looks like the allocation of approximately 21.87 billion ADA could potentially tip the scales in our favor.
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2024-07-13 16:14