Cardano

Bitcoin

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<p>Cardano (ADA), one of the top cryptocurrecies, has seen a significant uptick in its market valuation, posting a 9% increase over the last day and a 36% surge over the past two weeks. Data <a href="https://twitter.com/santimentfeed/status/1720160495762915827">provided</a> by analytics firm Santiment shows that the on-chain activities correlate with the bullish price action. It highlights a peak in ADA address activities and large transactions not seen in over three months.&nbsp;</p>
<p>It is worth noting that on-chain metrics are often considered predictors of future price moves.&nbsp;</p>
<h2 id="insight-from-holders-and-transactions">Insight from holders and transactions</h2>
<p>The holders' composition by the time held shows a strong long-term investor base, with 61% holding for over a year, according to on-chain data provided by <a href="https://app.intotheblock.com/coin/ADA">IntoTheBlock</a>. &nbsp;</p>
<p>Cardano's large holder concentration currently sits at 29%. Meanwhile, the vast majority of the holders (74%) are out of the money at current prices.&nbsp;</p>
<p>In terms of transaction volume, there has been a notable $22.56 billion worth of transactions exceeding $100,000 in the last 7 days. &nbsp;</p>
<p>The number of mega-whale addresses (those holding more than 1% of the circulating supply) remains modest at three, but the inflow and outflow movements among large holders have been dramatic, with a 30-day change showcasing an influx increase of over 1124% and an outflow increase of 209.14%.</p>
<h2 id="price-performance-and-potential-catalysts">Price performance and potential catalysts</h2>
<p>Cardano's price performance has mirrored the optimistic on-chain data, with the cryptocurrency currently trading at $0.32, a modest 3.9% increase. The 24-hour trading volume stands at nearly $470 million.&nbsp;</p>
<p>The ongoing <a href="https://twitter.com/SebastienGllmt/status/1720067713144373606">Cardano summit</a>, a gathering of blockchain enthusiasts and developers, is eyed by the community as a potential bullish catalyst that could drive further positive sentiment, potentially reflecting in the cryptocurrency's price.&nbsp;</p>
<p>The highly expected approval of a <a href="https://u.today/new-spot-bitcoin-etf-filing-submitted-by-vaneck">spot Bitcoin exchange-traded fund (ETF)</a> could prove to be yet another major bullish catalyst for the top cryptocurrency.&nbsp;</p>

Cardano's On-Chain Metrics Signal Bullish Trend

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