Cardano (ADA) has had an eventful year in terms of price action and ecosystem development. Network activity is surging, partnerships are rolling out, and the ADA price has pumped relatively well.
The timing for all of this couldn’t be better, as money has been flowing back into the broader crypto market, and a rally looks prime for action. In the case of a wider rally, we could see ADA capture a considerable part of the action, as on-chain metrics point to a strong bull run for the altcoin.
Metrics Point To Cardano (ADA) Ready For A Bull Run
The price of ADA, Cardano’s native cryptocurrency, is up over 51% in the past 30 days alone, as whales and investors started to accumulate around the $0.25 price level. According to on-chain metrics from IntoTheBlock, whales accumulated 1.89 billion ADA last month, translating to about $600 million worth, showing a boosting confidence among large holders.
A similar metric monitoring the inflows into accounts with more than 0.1% of the total supply is also up by +4,571% in the past 30 days.
Source: IntoTheBlock
The first few days of November saw a notable spike in ADA whale transactions. Data from crypto intelligence tracker Santiment shows there were more than 12,000 large transactions in the first week of November.
Transfers like this can be linked to traders taking profit from October’s bull run, but inflows into ADA wallets have increased at the same time, indicating a continued bullish rally.
Source: IntoTheBlock
Go to Source to See Full Article
Author: Scott Matherson
Tip BTC Newswire with CryptocurrencyDonate 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
