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Cardano Experiences Surge in Large Transaction Volumes, Anticipates Price Boost

21/05/2024 17:25

According to U.Today, Cardano (ADA), currently the 10th largest cryptocurrency by market cap, has seen a significant increase in large transaction volumes recently, with a remarkable 21 billion ADA being transacted. This increase in activity is causing speculation of a major price increase for ADA, as investors and analysts closely watch the developments within the Cardano ecosystem and the wider crypto market. Data from IntoTheBlock shows that 21.34 billion ADA worth $10.11 billion made up Cardano's large transaction volume in the last 24 hours. Large Transactions Volume provides an insight into the total amount transacted by whales, or large holders, and institutional players on a particular day. Increases in Large Transactions Volume suggest high activity among whales or institutional players either buying or selling. In this context, large transactions refer to those exceeding $100,000. The high transaction volumes could suggest a growing interest from whales, who are possibly accumulating ADA in anticipation of future price appreciation. IntoTheBlock reported on May 15 that Cardano whales holding between 100 million and 1 billion ADA added 11% to their balances over the past month, raising their stakes to 6.7% of ADA's total supply. This significant accumulation of ADA could boost market confidence, which might contribute to positive price momentum in the long run. After four consecutive days of gains, Cardano's native cryptocurrency, ADA, has seen a wave of profit-taking. The digital asset, which has been on a bullish run, experienced a temporary halt in its upward trajectory as holders began to cash in on their recent profits. At the time of writing, ADA was down 0.77% in the last 24 hours to $0.4665, down from highs of $0.491 reached on May 17. In the short term, crypto market participants are closely monitoring ADA's price movement. The cryptocurrency's ability to maintain its current support levels will be crucial in determining whether the recent price rally will continue or if a further correction is on the horizon.

Bullish

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