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Of the digital currencies with a rather slow response to general market trends, Cardano (ADA) is one. However, it has made a definitive rebound over the past 24 hours, with its price jumping 3.27% to $0.3855. It is worth noting that Cardano is one of the few altcoins in the top 10 with positive price action at the moment.
27 billion Cardano thrill
According to data from crypto analytics platform IntoTheBlock, Cardano recorded a 26.97% jump in large transactions in 24 hours to record a total volume of $10.43 billion. While Cardano is known for its whale boom stunts, this latest pull-up comes off as a unique one, considering the state of the altcoin.
Gamza KhanzadaevIn ADA terms, this $10.43 billion worth of coins traded comes in at 27.17 billion units of the asset traded in 24 hours. For Cardano, with over 35.7 billion ADA in circulation, the large transaction volume implies more than 76% of the asset. This massive volume apparently stunned ADA bears and helped forestall sustained sell-offs.
Prior to today, Cardano has maintained imbalanced performance on the market, dropping as low as 13.15% in 24 hours and by over 18% over the past month. The whale transaction is now expected to help ADA match its growth fundamentals to set a sustained growth course.
Build up bullish momentum
There is very strong competition ongoing in the crypto ecosystem, and it has largely kept Cardano in a tight spot. The digital currency has, however, been building up its bullish momentum over the past few days.
As reported early by U.Today, Cardano recorded an equally boosted volume on June 18, signaling more visible buying interest from all categories of buyers.
Tomiwabold OlajideOne major trend that might further enhance Cardano’s recovery is the suspension of the probe into Ethereum as a security by the SEC. This suspension shows Cardano might also be cleared of related accusations from the market regulator.
Gamza Khanzadaev
Vladislav Sopov
Dan Burgin