Cardano

Frenzy

Cardano (ADA) has recently experienced a notable surge in market capitalization. Blockchain analytics firm Santiment <a href="https://x.com/santimentfeed/status/1720160495762915827?s=20" target="_blank" rel="noopener nofollow">reported</a> a 9% increase in ADA’s market cap over the past day, which adds to a more than 20% rise over the last two weeks. 
This growth spurt in valuation aligns with <a href="https://www.newsbtc.com/news/cardano-experiences-decline-in-q3-network-activity-unraveling-the-root-cause/" target="_blank" rel="noopener ">heightened activity</a> on the Cardano network, specifically among large-scale holders, commonly referred to as ‘whales.’ 
<h2 dir="ltr" id="cardano-on-chain-data-signals-bullish-behavior-for-ada">Cardano On-Chain Data Signals Bullish Behavior For ADA</h2> 
Before this latest rise in value, several on-chain metrics hinted at the potential for a short-term increase in ADA’s price. Santiment’s analysis pointed out that two key indicators—address activity and whale transactions—had spiked to levels not seen in three months. 
This kind of on-chain behavior often<a href="https://www.newsbtc.com/news/cardano/ada-delegators-staking-cardano-bears-dominant/" target="_blank" rel="noopener "> precedes market movements</a>, drawing the attention of investors and analysts alike. 
Digging deeper into the Cardano <a href="https://www.newsbtc.com/news/cardano/cardano-summit-2023-charles-hoskinson-takes-the-stage-day-1-recap/" target="_blank" rel="noopener ">blockchain data</a>, there’s been a 23% rise in address activity over the past three weeks, according to Santiment, suggesting a growing use case or increased speculation about the altcoin’s future. 
Concurrently, whale transactions, which are large transfers of ADA often indicative of deep-pocketed investors’ movements, have shot up by more than 32%. Such significant transactions can substantially impact market sentiment, potentially leading to price volatility or, in this case, a bullish trend for ADA. 
<blockquote class="twitter-tweet"> 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Cardano</a> has been the big story Thursday, with its market cap growing +9% in the past 24 hours and now +36% over 2 weeks. As usual, <a href="https://twitter.com/hashtag/onchain?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#onchain</a> activity hinted at this <a href="https://twitter.com/hashtag/bullish?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#bullish</a> action with <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$ADA</a> address activity &amp; whale transaction at their highest in 3+ months.… <a href="https://t.co/IYBBk3ssf4" rel="nofollow">pic.twitter.com/IYBBk3ssf4</a> 
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1720160495762915827?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">November 2, 2023</a>
</blockquote> 
<h2 dir="ltr" id="ada-latest-price-action-market-surges-over-10">ADA Latest Price Action: Market Surges Over 10%</h2> 
Meanwhile, in a development that aligns with market expectations, ADA’s price has sustained a bullish trend over recent weeks. Correspondingly, the altcoin’s market capitalization has reflected this positive momentum, swelling by approximately 11.4% in the past week and by nearly 30% in the past two weeks. 
Significantly, ADA’s market cap has surpassed the $11 billion mark, <a href="https://www.newsbtc.com/news/cardano-november-momentum-an-over-40-increase-in-the-cards/" target="_blank" rel="noopener ">climbing from the earlier monthly low</a> of around $9 billion. This uptick in market cap value has seen ADA achieve a <a href="https://www.newsbtc.com/analysis/ada/ada-price-prediction-bulls-aim-0-35/" target="_blank" rel="noopener ">trading price of $0.32</a> at the current time, marking an increase of close to 5% in just the last 24 hours. 
<img decoding="async" loading="lazy" class="size-medium" src="https://www.tradingview.com/x/Nn4S4lAQ/" alt="Cardano (ADA) price chart on TradingView" width="2770" height="1556"> 
Further bolstering the optimistic market sentiment, ADA’s daily trading volumes have experienced a substantial increase. Where just last Friday, the trading volume hovered around $214 million, there has been a remarkable swell, with the figure soaring to nearly $500 million in the past day. 
This enhanced trading activity, coupled with the market cap growth, signals a robust investor interest in ADA, potentially indicative of broader market confidence in the altcoin’s prospects.&nbsp; 
Featured image from Unsplash, Chart from TradingView

Cardano’s Whale Watch: ADA Market Cap Jumps Over 10% Amid On-Chain Frenzy

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