Cardano (ADA) has reached its highest price since May 2022, driven by significant activity from large investors and growing interest in altcoins across the cryptocurrency market.
ADA Benefits from Altcoin Interest
As Bitcoin (BTC) surpassed $99,000, nearing the psychological milestone of $100,000, capital has started rotating into alternative cryptocurrencies. This trend has revitalized the broader crypto market, with Cardano’s native token, ADA, standing out among the leaders.
On Friday morning, ADA rose by 10%, trading at $0.90 on platforms like Coinbase. According to data from the CoinDesk Index, this marks its highest price in over two and a half years.
Impressive Price Growth and Market Capitalization
ADA’s price has increased by 22% this week, bringing its monthly gain to a staggering 152%. This growth has pushed the token’s market capitalization to $30.85 billion, making it the 10th largest digital asset globally.
In comparison, the CoinDesk 20 index, which tracks the broader crypto market, posted a 14% gain this week and a 58% increase for the month.
Whales and Institutions Drive ADA Accumulation
The strong rally in ADA has been fueled by whale accumulation. These are crypto addresses holding more than $10 million worth of ADA. According to Tagus Capital, whales now own over $12 billion in ADA.
On-chain data reveals that the number of large ADA transactions has surged by 300% over the past two weeks. This indicates increasing institutional interest in Cardano.
Institutional Interest and Speculation About Trump Administration Collaboration
Tagus Capital highlighted in its daily newsletter that the sharp rise in large transactions signals heightened interest from institutional investors. Some of the momentum is also linked to speculation stirred by Cardano founder Charles Hoskinson, who hinted at potential collaboration with the Trump administration on crypto-friendly policies.
Cardano’s ADA continues to experience remarkable growth, driven by whale activity and optimism in the broader crypto market. This upward trend suggests that ADA’s rally could have lasting potential.
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