Whale Power Ignites Cardano Surge, ADA Outpaces Other Top Cryptocurrencies
Cardano (ADA) has made its presence felt among the top 10 altcoins by market capitalization, leading the charge with a noteworthy bullish surge.
Cardano is currently trading at $0.5143, reflecting a 3.6% increase over the past 24 hours. This uptick, though modest, outpaces the recent gains in Bitcoin (BTC) and Ethereum (ETH), which saw increases of 0.33% and 0.12%, respectively.
The current rise in Cardano’s price signals a significant corrective shift following a dip to $0.4682 in the previous month. Notably, this rebound is attributed to heightened activity among Cardano whales in the past week. Data from the crypto analytics platform IntoTheBlock indicates a substantial surge in cumulative whale volume, reaching $14.34 billion in the last 24 hours, marking an 11% increase.
Whale transactions, defined as those surpassing a monetary valuation of $100,000, have surged from 5,080 on January 17 to 7,910 on January 19, according to IntoTheBlock’s data.
Despite the erratic nature of Cardano’s whale transactions earlier in the month, the current trend suggests a resurgence of new capital, acting as a catalyst for the protocol’s price growth.
Cardano’s whale transaction volume, surpassing $14.3 billion, positions it ahead of Ethereum’s $4.21 billion and Dogecoin’s (DOGE) less than $1 billion.
The burning question remains: Is ADA on the brink of a substantial surge? Notably, Cardano’s price closely aligns with that of Bitcoin, indicating that ADA’s bullish momentum may hinge on simultaneous growth in the leading cryptocurrency.
READ MORE: Bitcoin Holds Steady Despite Recent Dip
The current positive shift in Cardano’s price outlook holds potential benefits for short-term holders, providing an opportunity to recoup capital, take profits, and potentially trigger a significant downturn in the coin’s value. This has been a persistent challenge for Cardano, with the $0.67 price mark acting as a formidable resistance point in recent weeks.
In addition to the positive market indicators, Cardano’s whale activity coincides with ongoing developmental efforts by the protocol’s parent company.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
