Cardano Price and On-Chain Outlook
Cardano’s price is currently $0.5143, showing a 3.6% increase in the past 24 hours. This growth surpasses that of Bitcoin and Ethereum. The recent price action indicates a bullish correction after the coin dropped to $0.4682 last month. This recovery can be attributed to increased whale activity, with a cumulative volume of $14.34 billion in the past 24 hours.
According to IntoTheBlock, whale transactions on Cardano have seen a significant increase from January 17 to January 19, reaching 7,910 transactions valued at over $100,000 each. This surge in whale activity has fueled the growth of Cardano’s price, surpassing Ethereum and Dogecoin in transaction volume.
Is ADA Billed for an Imminent Surge?
Cardano’s price is closely correlated with Bitcoin’s price, indicating that ADA may not experience a significant bullish run without a simultaneous increase in Bitcoin’s price. However, the current positive shift in Cardano’s price could benefit short-term holders and lead to a drawdown in the coin’s price. Cardano’s strong resistance point at $0.67 has been a challenge for weeks, but the active developmental efforts by Cardano’s parent company and upcoming updates for the Proof-of-Stake network are expected to drive further growth.
Hot Take: Cardano Surges into Top 10 Assets by Market Capitalization
In a surprising turn of events, Cardano (ADA) has joined the top 10 assets by market capitalization, leading the way with its bullish price surge. With its recent recovery and increased whale activity, Cardano has outperformed Bitcoin and Ethereum. The surge in whale transactions has put Cardano on the map, surpassing Ethereum and Dogecoin in transaction volume. While ADA’s price is closely tied to Bitcoin’s performance, the current positive shift indicates potential gains for short-term holders. Additionally, Cardano’s active development efforts and upcoming updates for its Proof-of-Stake network suggest a promising future for the cryptocurrency.
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