This jump in price comes at a time when whale activity—big investors buying ADA—has spiked by 145% in just one month.
Whales are back in a big way, and their actions are pushing ADA’s price higher. Let’s discover more about this important news for Cardano.
Whale Activity Boosts ADA Price, Eyeing $1
In the last week, ADA has gained almost 54%, making it one of the top-performing altcoins. Investors are now keeping a close eye on ADA, hoping it could soon reach the significant price of $1. Crypto expert Ali Martinez even predicts that ADA could reach as high as $6 during this market cycle, following a pattern similar to the one seen during the 2020 bull run.
I don’t understand the hate towards #Cardano $ADA. You don’t have to marry the coin, just trade it! Up 140% since this post, see you at $6. https://t.co/J29N1jWXxt
— Ali (@ali_charts) November 20, 2024
What’s behind this rise in ADA’s price? The main factor seems to be the sharp increase in whale activity. Wallets holding over $10 million in ADA have grown their holdings by 145.72% in just one month. This surge in whale buying is driving up ADA’s price, and as of November 18, whales hold $12.11 billion worth of ADA.
The volume of large #Cardano $ADA transactions has increased by 297% in the past two weeks, reaching $22.56 billion today! pic.twitter.com/5DFzrnzV1U
— Ali (@ali_charts) November 19, 2024
More About the Cardano (ADA) Price
In addition to whale activity, Cardano is seeing growth in its decentralized finance (DeFi) space. The Total Value Locked (TVL) in Cardano’s DeFi projects has climbed to $480.8 million, nearly reaching its highest level ever. This shows that Cardano’s DeFi projects are becoming more popular, helping fuel the price rise.
Source: DeFillama
But it’s not just whales and DeFi growth that are pushing ADA up. Market activity for ADA is also strong. Data from Santiment shows that ADA is pulling ahead of the rest of the altcoin market, strengthening compared to Bitcoin. Santiment also reported that ADA’s price compared to Bitcoin (ADA/BTC pair) saw a 26% jump the last time similar activity happened in June.
Cardano is decoupled from the altcoin pack, nearly matching its 8-month high. Its price ratio against Bitcoin is also nearing an 8-month high. The last time we saw this level of ADA transaction and whale volume was in June, just prior to a +26% burst in the ADA/BTC pairing. pic.twitter.com/8EmEAySWaq
— Santiment (@santimentfeed) November 20, 2024
Martinez also pointed out that the number of large ADA transactions has shot up by 297% in the last two weeks. Large transactions reached a total of $22.56 billion, signaling that big investors are becoming more active in Cardano.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
The post Cardano (ADA) Price Soars as Whale Activity Surges appeared first on Altcoin Buzz.
This articles is written by : Fady Askharoun Samy Askharoun
All Rights Reserved to Amznusa www.amznusa.com
Why Amznusa?
AMZNUSA is a dynamic website that focuses on three primary categories: Technology, e-commerce and cryptocurrency news. It provides users with the latest updates and insights into online retail trends and the rapidly evolving world of digital currencies, helping visitors stay informed about both markets.
