Of the digital currencies with a rather slow response to general market trends, Cardano (ADA) is one. However, it has seen a definite rally in the last 24 hours, with its price jumping 3.27% to $0.3855. It is worth noting that Cardano is one of the few altcoins in the top 10 with positive price action right now.
Of the digital currencies with a rather slow response to general market trends, Cardano (ADA) is one. However, it has seen a definite rally in the last 24 hours, with its price jumping 3.27% to $0.3855. It is worth noting that Cardano is one of the few altcoins in the top 10 with positive price action right now.
27 Billion Cardano Emotions
According According to data from crypto analytics platform IntoTheBlock, Cardano recorded a 26.97% increase in large transactions in 24 hours to record a total volume of $10.43 billion. While Cardano is known for its whale boom acrobatics, this latest pull-up proves unique considering the state of the altcoin.
Gamza KhanzadaevIn terms of ADA, these $10.43 billion in traded currencies are equivalent to 27.17 billion units of the asset traded in 24 hours. For Cardano, with over 35.7 billion ADA in circulation, the large transaction volume accounts for over 76% of the asset. This massive volume apparently surprised ADA bears and helped prevent sustained sell-offs.
Until today, Cardano has maintained an unbalanced performance in the market, falling as much as 13.15% in 24 hours and more than 18% over the last month. The whale transaction is now expected to help ADA match its growth fundamentals to set a course for sustained growth.
Develop Bullish Momentum
There is very strong competition in the crypto ecosystem and, to a large extent, it has kept Cardano in a difficult situation. However, the digital currency has been gaining bullish momentum in recent days.
As previously reported by Guru-InvestingCardano recorded similarly increased volume on June 18, indicating more visible purchasing interest from all categories of buyers.
Tomiwabold OlajideOne important trend that could further enhance Cardano’s recovery is the suspension of the investigation into Ethereum as a security by the SEC. This suspension shows that Cardano could also be cleared of related accusations by the market regulator.
