Cardano

Bitcoin ETF

Notable

In the rapidly evolving cryptocurrency landscape, Cardano (ADA) has once again captured everyone’s attention. Over the past three months, the ADA has witnessed a significant surge in transactions, surpassing the $100,000 mark and consistently setting new record levels, according to recent data from IntoTheBlock, an on-chain analytic firm.&nbsp; 
This information is shared by a prominent trader and analyst, Ali, on X (formerly Twitter). Cardano’s (ADA) transaction surge, a sign of institutional interest 
This massive surge suggests a rising interest in ADA from institutional investors and crypto whales, often signaling a potential price increase. As of the latest data, ADA is currently trading near $0.41, and in the last 24 hours, it has experienced a notable price surge of around 4% in the upward direction. 
Examining the ADA on a longer time frame reveals that over the last 30 days, it has shown a remarkable 26% upside movement, outperforming Bitcoin (BTC), which has only shown a 19.5% upside momentum during the same period. IOG report highlights Cardano’s blockchain progress 
However, the recent IOG (Input Output Global) report on Cardano highlights significant progress in the blockchain ecosystem. Key achievements include updates by the Site Reliability Engineering (SRE) team, enhancing network connectivity and efficiency.&nbsp; 
Also read: <a href="https://news.todayq.com/cardano-price-surge-or-plunge-here-are-key-resistances/">Cardano price surge or plunge? Here are key resistances</a> 
Notable statistics from the report include 150 launched projects, 1,304 ongoing projects, the creation of 9.1 million native tokens, and the processing of 79.2 million transactions. Cardano’s focus on scaling solutions, node efficiency, and overall infrastructure improvement is evident in the completed proposals, showcasing a commitment to innovation and community-led funding. 
The surge in transactions may be attributed to the recent interest in crypto by major asset management firms such as BlackRock, WisdomTree, Fidelity, and others. Additionally, the potential approval of their spot Bitcoin ETF application by the Securities and Exchange Commission (SEC) could be contributing to the increased activity. 
According to expert technical analysis, ADA has recently broken out of a consolidation zone after consolidating for the last 25 days. Its price is consistently supported by the bullish movement of Bitcoin. However, on the weekly time frame, there is a possibility of encountering resistance from its 200 Exponential Moving Average (EMA), which is situated at $0.43. 
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Cardano records spike in whale interest, Will ADA hit $0.45?

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