Table of Contents
Cardano (ADA) has seen a surge in on-chain activity in recent days, which has seen the price surge to $0.32, with bulls keen to push it past the $0.35 mark.
ADA started a fresh increase above the $0.30 resistance and is currently outperforming Bitcoin as it looks to push toward the $0.35 resistance.
Cardano (ADA) Price Surges
The Cardano price registered a staggering increase late on the 2nd of November, as it shot up from $0.30 to almost $0.33 in hours. The surge represented a 5% increase from the previous day and a 30% rise in the past week. Transaction activity on Cardano has also registered a 32% increase in three weeks. This suggests considerable interest from large-scale holders. ADA address activity has also seen a 23% jump in the same period.
“#Cardano has been the big story Thursday, with its market cap growing +9% in the past 24 hours and now +36% over 2 weeks. As usual, #onchain activity hinted at this #bullish action with $ADA address activity & whale transaction at their highest in 3+ months.”
Cardano’s impressive performance in recent weeks has seen analysts make bold predictions about the price of ADA. One user on X predicted that ADA could surge to $30 in the near future. The user argued that global inflation could act as a catalyst for the crypto market and push its market capitalization, with ADA leading the rally. Others predicted a more grounded price increase, with one analyst predicting a 43% price increase based on the surge in transaction volume.
Wallet And Transaction Insights
On-chain data shows that 61% of ADA holders have been holding their assets for over a year. This suggests that ADA has a strong long-term investor base. Additionally, the percentage of large investors in Cardano currently stands at 29%. However, a majority of wallets are at a loss at current prices. However, significant transactions worth over $22 billion have been done in the past week in terms of trading volume. Despite this, the number of whale-level wallet addresses is low, with just 3. However, inflows and outflows among large ADA investors are significant.
Potential Catalysts
Cardano’s performance in the market has mirrored its on-chain data. The ongo
Go to Source to See Full Article
Author: Amara Khatri
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
