Cardano (ADA) Outpaces Bitcoin (BTC) with Double-Digit Rally, Fueled by Whale Activity
Cardano’s ADA token has been on a tear, surging over 10% in the past 24 hours, reaching its highest point since July 23. This remarkable surge has catapulted ADA to the top of the performance charts, even surpassing Bitcoin’s gains for the week. The rally propelled ADA to the second spot on the list of top 24-hour gainers, showcasing its impressive momentum. With this latest upswing, ADA’s weekly gains have jumped to nearly 22%, making it the best-performing cryptocurrency among the top 10 during the past seven days.
The coin, often dubbed an “Ethereum Killer,” has seen significant interest from whale investors, as evidenced by a 31% surge in transactions exceeding $100,000 in value, according to IntoTheBlock. This spike in large transactions indicates that institutional and high-net-worth investors are taking a keen interest in ADA.
Daily active addresses on the Cardano network have also risen by 21% in the last 24 hours, further supporting the notion of high network activity. This increased usage suggests growing adoption and engagement with the Cardano ecosystem. However, while the surge in activity appears to be driven by the recent price rally, indicators point to some profit-taking activity. The total balance held by long-term ADA holders has dropped by 0.28%, indicating that some investors might be cashing out their gains.
Despite this recent surge, ADA’s performance this year has been relatively lackluster, losing over 30% of its value. In contrast, Bitcoin and Ethereum have seen substantial gains, with Bitcoin up 71% and Ethereum gaining 29% year-to-date.
At the time of writing, ADA was trading at $0.4134, up 11.65% in the last 24 hours, according to data from Benzinga Pro.
The recent rally in ADA highlights the volatile nature of the cryptocurrency market and the potential impact of whale activity on price movements. While the future remains uncertain, the recent surge in ADA’s price suggests that the coin might be poised for further growth, particularly if the current level of whale interest and network activity continues.
