As a seasoned analyst with over two decades of experience in the financial markets, I find the recent surge in Cardano’s ($ADA) price particularly intriguing. The 41% increase over the past week and the breaking of the $28 billion market capitalization mark is a testament to the growing interest in the smart contract platform.
Over the last seven days, the value of Cardano‘s native token ($ADA) has significantly increased by over 41%, reaching approximately $0.8 per token. This growth has pushed its overall market capitalization beyond the $28 billion threshold.
As a researcher delving into the world of cryptocurrencies, I’ve noticed an intriguing trend: the surge in price is closely tied to a significant increase in large ADA transactions. Over the last fortnight, this volume has escalated by an impressive 297%, peaking at a staggering $22.5 billion.
Over the last fortnight, there’s been a significant surge (an increase of approximately 297%) in the number of substantial Cardano ($ADA) transactions, with a staggering total value of around $22.56 billion recorded today!
— Ali (@ali_charts) November 19, 2024
Over the last month, the value of Cardano has significantly increased by over 120%, coinciding with a broader surge in the cryptocurrency market. This bullish trend has pushed the price of Bitcoin ($BTC) beyond $98,000, nearing a total market capitalization of approximately $2 trillion.
Currently, Santiment’s on-chain analysis reveals that Cardano (ADA) has become somewhat independent from other altcoins, reaching a nearly 8-month peak. Furthermore, this firm pointed out that ADA’s price in relation to Bitcoin (BTC) is also at a high point, much like it was the last time whale activity was comparable, just before an impressive 26% price surge.
Cardano has separated itself from other altcoins, approaching its highest point in eight months. Also, the value of Cardano relative to Bitcoin is also reaching an eight-month peak. The last time we observed such high levels of ADA transactions and whale activity was in June, right before a 26% increase in the price of ADA when compared to Bitcoin.
— Santiment (@santimentfeed) November 20, 2024
It turns out that the surge in cryptocurrency values, particularly ADA and BTC, has been advantageous for the Cardano Foundation too. According to a recent statement, this non-profit organization, which backs the Cardano network, reportedly owned $478.24 million worth of assets as of December 31, 2023. Notably, around 82.5% of these assets were in ADA, 10.1% were in BTC, while the remaining amount was held in cash and its equivalent forms.
Given the surge in the cryptocurrency market recently, it’s quite possible that the value of these assets has experienced a substantial increase. For instance, if the Foundation hasn’t sold any, their ADA holdings have grown by more than 100% over the past year.
The report explains that the Cardano Foundation’s primary source of revenue is through staking rewards from the ADA tokens they manage within the Cardano network. In the previous year, these 668.8 million ADA tokens produced an extra 20.9 million ADA, which equates to a return of approximately 3.1%.
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2024-11-21 23:55