The Cardano (ADA) blockchain has entered a bullish phase, with trading activity reaching new heights and pushing ADA to its highest price in 2024. Over the past 30 days, Cardano has seen remarkable growth, doubling in value and capturing the attention of large-scale investors. As of today, Cardano is trading at $0.80, marking its strongest performance since May 2022, and on-chain data suggests this rally may have more room to run.
The current uptrend in ADA’s price is largely attributed to the increasing activity of large holders, also known as “whales.” These influential players have significantly amplified their engagement with the Cardano blockchain, as evidenced by a 297% spike in large transaction volume over the past two weeks.
Data from blockchain analytics platform IntoTheBlock reveals that the Large Transactions Volume in USD—a metric tracking the total value of on-chain transactions exceeding $100,000—reached an astonishing $28.43 billion on November 16, 2024. This marked the highest daily large transaction volume for Cardano to date.
The momentum hasn’t waned; in the last 24 hours alone, this figure stood at $22.56 billion, maintaining the elevated activity levels seen throughout November. For context, Cardano started the month with daily large transaction volumes just shy of $6 billion, but activity began ramping up on November 6, setting the stage for the current rally.
ADA’s Price Surges to $0.80
With ADA currently trading at $0.80, the cryptocurrency has achieved a 6.5% increase in just the past 24 hours. This price milestone not only represents ADA’s best performance since May 2022 but also underscores its ability to outperform other major cryptocurrencies.
Additionally, retail investorsCardano have joined the trend, contributing to a 29% spike in ADA’s trading volume within the last day, which now sits at $2.31 billion. Such widespread participation indicates a broader market confidence in Cardano’s upward trajectory.
’s impressive rally to $0.80, driven by a 297% spike in large transaction volume, underscores the growing confidence in its potential. As institutional and retail investors alike continue to embrace ADA, the cryptocurrency is poised for further growth.
The next challenge lies in breaking past the $1 barrier—a milestone that could solidify Cardano’s position as a top-performing asset in the cryptocurrency market. With strong on-chain metrics, an expanding ecosystem, and increasing market adoption, the future looks bright for ADA and its community. Whether as a store of value or a platform for innovation, Cardano continues to demonstrate its relevance and potential in the rapidly evolving world of blockchain technology.
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