Cardano

FOMC

Rally

<p>The altcoin space has been buzzing with activity soon after the FOMC meeting on Tuesday. The US central banks hinted at <a href="https://coingape.com/fed-plans-for-three-rate-cuts-in-2024-altcoin-market-rally-continues/" target="_blank" rel="noopener noreferrer nofollow">three rate cuts</a> coming ahead in 2024 while keeping the interest rates unchanged for the third consecutive time. Altcoins, particularly Cardano, has entered a massive price surge today.</p>
<p>Cardano (ADA) has proved to be an outperformer among the top ten cryptocurrencies with 18% gains. At press time, the Cardano (ADA) price is trading at $0.66 with a market cap of $23.1 billion.</p>
<h3 id="the-cardano-ada-price-rally-and-whale-activity">The Cardano (ADA) Price Rally and Whale Activity</h3>
<p>Unlike other altcoins and peers, Cardano (ADA) efficiently absorbed the selling pressure earlier this week. As a result, Cardano’s weekly gains stand at a staggering 47%. Since the start of December this month, Cardano’s gains have exceeded more than 65%.</p>
<p>Whales have been quite active on the Cardano blockchain network as of now. Cardano’s native cryptocurrency, ADA, has witnessed a notable upswing in substantial transactions, surpassing $1.5 billion in the last 24 hours, as <a rel="noopener noreferrer nofollow" href="https://app.intotheblock.com/coin/ADA" target="_blank">reported</a> by the on-chain analytics platform IntoTheBlock.</p>
<p>The substantial surge in transactions, typically valued at a minimum of $100,000 each, has propelled the overall volume from $17.96 billion to an impressive $19.47 billion.</p>
<p>This surge in large transactions has correspondingly elevated the volume of Cardano tokens, marking an increase from $32.32 billion ADA to $33.66 billion ADA.</p>
<h3 id="the-ada-price-expectations">The ADA Price Expectations</h3>
<p>Cardano quickly absorbed the selling pressure after the ADA price dropped to $0.55 earlier this week. Cardano (ADA) has recently experienced a <a href="https://coingape.com/markets/cardano-price-prediction-as-pennant-pattern-sets-a-34-rally/" target="_blank" rel="noopener noreferrer nofollow">decisive breakout</a> from the resistance trendline, signaling a potential upward trajectory. If market conditions align with the patterns, the post-breakout rally is anticipated to target key levels, notably $0.737 and $0.87, suggesting a potential 35% growth.</p>
<p>In addition to the surge in price and total value locked, Cardano (ADA) has witnessed a notable increase in trading volume. Following ADA’s breach of the $0.50 mark, decentralized exchange (DEX) volume surged, surpassing $12 million. Data from DefiLlama indicates that Cardano DEXs recorded a remarkable 140% weekly increase, reaching $50 million in trading volume within 24 hours on December 9.</p>
<p>The post <a href="https://coingape.com/cardano-ada-price-jumps-18-as-whales-join-the-party/" rel="noopener noreferrer nofollow">Cardano (ADA) Price Jumps 18% As Whales Join the Party</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Cardano (ADA) Price Jumps 18% As Whales Join the Party

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