Ethereum

Cardano

Bitcoin

Dogecoin

Story

Cardano (ADA) staged a remarkable performance today, defying prevailing expectations and orchestrating a meteoric rise that propelled it from a relatively unassuming position to a prominent spot within the top 10 cryptocurrencies by market capitalization, courtesy of an impressive 3.6% rally. 
While stalwarts like Bitcoin and Ethereum made incremental movements, Cardano distinguished itself with an unparalleled surge, surpassing its heavyweight counterparts and setting ablaze a bullish sentiment that swept across the crypto community. 
<h2 id="strong-cardano-transactions-soaring-strong">Cardano Transactions Soaring</h2> 
The unforeseen ascent of Cardano has left analysts scrambling for explanations, and a prevailing theory points to an upswing in whale activity. Insights gleaned from IntoTheBlock’s data reveal a staggering 11% surge in cumulative whale volume over the preceding 24 hours. 
<img loading="lazy" decoding="async" class="aligncenter wp-image-570559 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/01/a_ca0c4f.png?w=860&amp;resize=860%2C547" alt="" width="860" height="547" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/a_ca0c4f.png?w=952 952w, https://www.newsbtc.com/wp-content/uploads/2024/01/a_ca0c4f.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/a_ca0c4f.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/a_ca0c4f.png?w=860&amp;resize=860%2C547 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/a_ca0c4f.png?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
<h2 id="strong-whale-transaction-numbers-tell-a-story-strong">Whale Transaction Numbers Tell A Story</h2> 
This surge translates to an astronomical $14.34 billion worth of Cardano changing hands among the titans of the crypto realm, dwarfing the transactional activity witnessed in other leading digital assets. In comparison, Ethereum recorded a comparatively modest $4.21 billion in whale transactions, and Dogecoin struggled to breach the $1 billion mark, further underscoring the dominance of Cardano’s surge in whale participation. 
The surge in Cardano’s whale activity not only fueled its impressive rally but also underscored the growing influence of large-scale investors within the cryptocurrency market. This unexpected turn of events has prompted speculation and discussions within the crypto community regarding the potential catalysts behind such substantial whale engagement. 
<img loading="lazy" decoding="async" class="aligncenter size-full" src="https://www.tradingview.com/x/ddA6RxQ6/" width="1835" height="883"> 
These numbers tell a clear story: big bucks are betting big on Cardano. The number of whale transactions went from a respectable 5,080 on January 17th to a jaw-dropping 7,910 by the 19th. This sudden influx of institutional interest from deep-pocketed investors suggests a surge of confidence in Cardano’s future, propelling its price upwards and leaving other altcoins in its wake. 
However, amidst the celebratory champagne showers, whispers of caution linger. <a href="https://www.coingecko.com/en/coins/cardano" target="_blank" rel="noopener nofollow">Cardano’s price</a> remains deeply tethered to Bitcoin, meaning a sudden BTC dip could drag ADA down with it. Additionally, with short-term profit-taking a constant threat, especially near the psychologically important $0.67 resistance level, a temporary pullback isn’t off the table. 
But beyond the immediate price action, a bedrock of optimism underpins Cardano’s ascent. The development team continues to churn out impressive updates, with major advancements promised for the Proof-of-Stake network this year. From upcoming hard forks to innovative dApp implementations, these technological leaps could solidify Cardano’s long-term value proposition and attract even more whales to its welcoming shores. 
Featured image from Pexels&nbsp;

Whales Go Wild: Cardano Transactions Surge 11% – Price Hike Incoming?

Table of Contents

NewsBTC

Other articles published on Jan 21, 2024

Bitcoin Faces Significant Drop Despite Positive ETF Developments

Stablecoin Transfer Volume on Solana Skyrockets to Over $300B

Google Bard Memprediksi Potensi Kinerja Cardano, Avalanche dan Pullix di Tahun 2024

Tech Titans Eclipse $10 Trillion – Microsoft Leads AI Revolution, Nvidia Surges, and Meta’s Valua...

Dogecoin Price Prediction as $1 Billion Sends DOGE Soaring 14% – $1 DOGE Incoming?

Will Ethereum staking help raise ETH’s prices?

Join our free newsletter for daily crypto updates!