NAIROBI (CoinChapter.com)— Cardano (ADA) has surged to $0.90, marking its highest price since May 2022. The rally, backed by heavy whale accumulation and institutional interest, has placed ADA at the forefront of the altcoin market.
Whale Activity Drives Bullish Momentum
On-chain data shows a sharp increase in whale activity behind Cardano’s (ADA) recent price surge. Analyst Ali Martinez revealed that wallets holding over $10 million in ADA have grown their holdings by 145% in the last month, bringing total whale assets to over $12 billion.
Cardano’s large transactions spike 297%. Source: Ali/X
On-chain data from Santiment shows a 297% spike in large ADA transactions over the past two weeks, with the volume reaching $22.56 billion. ADA’s price ratio against Bitcoin has also hit an 8-month high, mirroring activity levels seen before a 26% surge in the ADA/BTC pairing in June.
Cardano’s TVL surges to $514.1M. Credit: DefiLlama
DeFiLlama data shows the Total Value Locked (TVL) surpassing $500 million, supported by increased application inflows. Over the past 24 hours, Cardano’s trading volume outpaced altcoins like Avalanche (AVAX), Tron (TRX), and Sui (SUI), further reinforcing its bullish trend.
Market Cap Soars as Cardano (ADA) Approaches $1
Cardano is currently trading at $0.8869, up 12.64% in the last 24 hours, with a market cap of $30.85 billion. Over the past two weeks, $52.2 billion in ADA has been traded, underscoring rising investor interest.
ADA/USD 1-day price chart. Source: CoinMarketCap
Nate Geraci, a noted analyst, anticipates that ADA could soon feature in spot ETFs alongside other altcoins like Avalanche (AVAX). Speculation about more altcoin-friendly ETFs has grown, particularly following the SEC’s approval of Ethereum ETFs earlier this year.
Cardano mirrors 2020 patterns, eyes 2025. Source: X
CryptosRus predicts that Cardano could reach $6 by mid-2025 if its current cycle mirrors previous trends. Possible collaborations with Dogecoin, hinted at by some analysts, could further support this growth.
Can $ADA go to $1 by the end of the year (2024)? NO YES YES
— Cardano Feed ($ADA) (@CardanoFeed) November 18, 2024
Cardano founder Charles Hoskinson hinted at collaborating with policymakers to support crypto regulations. ADA’s momentum and investor interest have many expecting it to cross the $1 mark by year-end.
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