297% Spike In Cardano Large Holder Volume Suggests ADA Price Could See Another Uptrend

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,929,824,672,887	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,929,824,672,887

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	1,134.72	1.17%	97,710.60	97,710.59	97,710.60

Price Change

Price Change %

Current Price

Bid Price

Offer

1,134.72

1.17%

97,710.60

97,710.59

97,710.60

High Price	Low Price	Open Price	Prev. Close	52 Week Range
97,898.33	96,417.92	96,712.24	96,575.88	42,760.44 - 109,356.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

97,898.33

96,417.92

96,712.24

96,575.88

42,760.44 - 109,356.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	11:55:45	0.002984	97,710.60	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

11:55:45

0.002984

97,710.60

USD

Price x Volume	Volume	Base Symbol	Related Pairs
237,947,244.73	2,447.27	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

237,947,244.73

2,447.27

297% Spike In Cardano Large Holder Volume Suggests ADA Price Could See Another Uptrend

20/11/2024 10:30pm

NEWSBTC

The Cardano blockchain has witnessed a surge in trading activity over the past few weeks, with price data relaying this trend. Cardano’s price increase in the past 30 days has been more than impressive, with its price doubling within this period. At the time of writing, the ADA is now trading at its highest point so far in 2024 after breaking above the March high of $0.77. Delving deeper into the forces behind this rally, on-chain metrics suggest that the surge is being driven by strong buying momentum, particularly from large ADA holders. Data from the blockchain analytics platform IntoTheBlock highlights a noteworthy spike in large transaction volume, which today reached $22.56 billion. This figure marks a 297% spike in large transaction volume in the past two weeks. Spike In Cardano Large Holder Volume The surge in Cardano’s large holder activity is highlighted by the ‘Large Transactions Volume in USD’ metric provided by blockchain analytics platform IntoTheBlock. This metric captures the total value of on-chain transactions exceeding $100,000 within a 24-hour period, offering insights into the behavior of high-net-worth investors and institutional participants. Related Reading: Here’s Why The Bitcoin Price Could Surge To $138,000 Before Recording A 30% Crash Interstingly, the Large Transactions Volume in USD metric recently reached $28.43 billion on November 16, which is its highest so far till date. Such a figure underscores the significant interest and heightened activity on the Cardano blockchain, particularly among large-scale holders who are likely driving much of the network’s momentum. This elevated level of activity has shown no signs of stopping, with the most recent data reporting $22.56 billion in large transactions over the past 24 hours. To provide perspective, Cardano began November with daily large transaction volumes hovering just below $6 billion before experiencing a notable uptick starting November 6. What’s Next For ADA Price? At the time of writing, the ADA price is trading at $0.80, up by about 6.5% in the past 24 hours. This price point marks the highest ADA price since May 2022. Not just large holders; retail holders are also in on the trend. The ADA trading volume has surged by about 29% in the past 24 hours, coming in at $2.31 billion. Related Reading: Bitcoin Price Forms Bullish Symmetrical Triangle, Crypto Analyst Says Next Stop Is $100,000 As it stands, Cardano is currently outperforming every other large market cap crypto in the past 24 hours. On-chain data and key market indicators suggest that this bullish momentum is likely to persist, with the next significant price target being a breakthrough above the psychological $1 mark. Beyond the large transaction metric, other metrics such as the net network growth and positive momentum in the futures market suggest a very optimistic outlook. Featured image created with Dall.E, chart from Tradingview.com

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