Cardano (ADA) is currently in the limelight after reclaiming the top 10 position in overall ranking. The Cardano ecosystem has litted up with multiple metrics including price and whale activity are on the rampage at the moment. As of writing, ADA was changing hands at $0.3925, up by 10.59% in 24 hours. This has helped it displace Toncoin (TON) from the tenth position in the market.
Cardano and the Whale Transaction Boost
Per data from crypto analytics platform IntoTheBlock, Cardano whale transactions skyrocketed by 31.82% in a 24-hour period. As the data highlighted, the cummulative volume of the large transactions topped $7.4 billion, a figure that shows renewed interest in the protocol.
By definition, whale transactions are those worth at least $100,000 carried out within a specific time span. The data shows that a total of 4,730 related transactions were shuffled within a 24-hour period. In ADA terms, this $7.4 billion figure is equivalent to 21.42 billion coins.
Among the most profiled Layer-1 tokens, protocols, Cardano has a high affinity to attract whales. This is a good omen for investors betting on the future of the coin. While recent ADA price analysis points to imminent uptrend, this whale boost can catalyze the growth.
It is worth noting that Cardano has traded at a very close range over the past month. Consequently, market data pegs this range at a low of $0.3204 and a high of $0.3934. With the current price blowout, ADA might finally break the $0.4 resistance level for the first time since July this year.
The Charles Hoskinson-led protocol has a robust ecosystem updates including Chang hard fork prospects that might complement the potential rally forecast.
The BTC Correlation and DeFi Boost
If there is one aspect that Cardano has not caught up with its peers, it is in Decentralized Finance (DeFi). However, that is ending soon with the protocol’s cross-bridge link with Bitcoin.
In a linkup that scored high praise from the community, Cardano can tap into the deep liquidity Bitcoin has to offer. According to ADA bull, Dan Gambardello, this liquidity transfer may serve as a game changer for Cardano.
The Cardano wave is coming.
“Cardano is Bitcoin’s first L1 DeFi layer. Current TVL = $231 million. Do the math.” – @EdanYago
— Dan Gambardello (@cryptorecruitr) November 7, 2024
With DeFiLlama currently pegging ADA’s DeFi TVL at $291 million, a figure that might easily run into billion in the coming months.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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