Cardano reached its lowest price mark this month during an attempt to bounce back amidst the falling crypto market. Surprisingly, rather than the anticipated pre-halving price surge, the market has taken a turn for the worse and is now experiencing a downward trend.
In this post, we’ll explore the current developments with Cardano and examine its market trends.
Cardano Hit By 28,372% Inflow Surge
According to IntoTheBlock’s findings, there has been a remarkable increase of over 28,000% in the amount of Cardano (ADA) being transferred to large holders within the last 24 hours. This inflow grew from 45.93 million ADA to an impressive 6.32 billion ADA.
A significant increase in large investments has signaled heightened whale behavior, with more evident purchasing actions.
Recently, the price of Cardano has been decreasing, leading to heightened whale buying activity. Whales appear to capitalize on market dips by purchasing larger quantities.
Yesterday, a significant influx of funds caused Cardano’s market capitalization to jump by over $1.7 billion. As a result, Cardano moved up from its previous ranking of 11th on Coinmarketcap to occupy the coveted 10th position. In simpler terms, a large amount of new investment led to an increase in Cardano’s market value, propelling it past several other cryptocurrencies and into the top ten list.
Under normal circumstances, whales typically accumulate the tokens in their cold wallets during these conditions, resulting in a larger amount being withdrawn from centralized exchanges.
Cardano Smart Contracts Soaring To Roof
Based on Fibbold’s figures, there has been a 3% rise in the number of Plutus scripts on Cardano this month, with approximately 1000 new smart contracts added. Therefore, the current total counts to 41,743 smart contracts, encompassing both Plutus V1 and Plutas V2.
Based on the statistics from April 14th, there are now 6,470 Plutus V1 Smart Contracts, marking a 0.15% growth. In contrast, Plutus V2 Smart Contracts have experienced a more significant increase, reaching a total of 35,273 contracts, which is a 3.52% rise.
Market Performance of Cardano
Recently, Cardano has suffered the consequences of the market slump, with its value taking a significant hit. As I type this, Cardano’s price hovers around $0.4588 following a 25% decrease over the last week and a more substantial 36% drop within a month.
The price decrease is reflected in Cardano’s market capitalization and trading volume on the cryptocurrency market. Currently ranked 10th on Coinmarketcap, Cardano has a market cap of $16.32 billion after experiencing a 3% drop. Additionally, there has been a 15% decrease in trading volume, resulting in a lowered value of $710.15 million.
During April, the price of Cardano took a downturn. On the first of the month, its price was approximately $0.62. However, currently, it is trading at around $0.4588. This unexpected drop displeased the community as Cardano had shown impressive growth in March, reaching a two-year peak of $0.78.
Instead of just mentioning “price decline and crypto market chaos,” you could describe it as “recent downturn in the cryptocurrency market, including Cardano, which has caused instability and uncertainty.” As for the weekly chart of Cardano, you could say that it “has shown some promising indicators of an upcoming bullish trend.” Analysts are optimistic about the potential for a recovery in the coming days based on these signals.
Conclusion
In contrast to other cryptocurrencies, Cardano’s token failed to regain significant value, remaining over 85% below its all-time high (ATH) even in the most optimistic periods of 2024. For years, Cardano has hovered around $0.6. However, despite this lackluster price performance, Cardano continues to be a favorite among investors and has achieved numerous new accomplishments, drawing continued interest.
Read More Bitcoin Halving Is Expected on April 20, 2024; 4 Reasons It Might Be Different
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2024-04-16 12:39