Ethereum

Cardano

Billion

<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p dir="ltr">The&nbsp;<a href="https://u.today/cardano-ada-prediction-for-july-23" rel="noopener noreferrer nofollow">Cardano</a> (ADA) blockchain has witnessed an outstanding surge in the number of large transactions conducted on the platform. Specifically, in just 24 hours, volume from large ADA holders rose to more than 17 billion units, the largest recorded volume in a single day this week.</p>
<h2 id="surge-in-ada-whale-transactions">Surge in ADA whale transactions</h2>
<p dir="ltr"><a href="https://app.intotheblock.com/coin/ADA/deep-dive?group=financials&amp;chart=largeTransactions" rel="noopener noreferrer nofollow">IntoTheBlock</a>, an on-chain analytical platform, labels large transactions as those exceeding $100,000. This means the volume of transactions above $100,000 increased to 17.78 billion within a day.</p>
<p dir="ltr">Also, the rise of large transactions represents the number of whales and institutional players holding the ADA token. Usually, rising interest in a token from institutional holders depicts confidence in its future. For ADA, the 17.9 billion 24-hour volume could signal an imminent rise in the price of the cryptocurrency.</p> <img data-entity-type="file" data-entity-uuid="1e9ff824-61f1-4972-bc30-2201182b6e3d" src="https://u.today/sites/default/files/inline-images/Cardano%20ADA.jpg"><a href="https://app.intotheblock.com/coin/ADA/deep-dive?group=financials&amp;chart=largeTransactions" rel="noopener noreferrer nofollow">Cardano Large Transaction Volume. Source: IntoTheBlock</a>
<p dir="ltr">Recent updates such as the emergence of the Cardano&nbsp;<a href="https://u.today/cardano-welcomes-major-node-release-as-chang-preparations-heighten" rel="noopener noreferrer nofollow">Chang Upgrade</a> may have ignited higher expectations for ADA. These large investors could be banking on this upgrade to fuel higher prices for ADA, thus increasing their investments.</p>
<p dir="ltr">Additionally, there is ongoing speculation that Cardano could be the next crypto to bag approval for a spot<a href="https://u.today/cardano-etf-cardano-founder-reacts-to-ada-community-speculation" rel="noopener noreferrer nofollow"> Exchange-Traded Fund</a> (ETF) following the launch of a spot Ethereum ETF. These investment vehicles are seen as a safer option for participants in the traditional finance sector. Rising interest from them could lead to increased adoption, which could trickle into the price of ADA.</p>
<h2 id="current-trends-on-ada">Current Trends on ADA</h2>
<p dir="ltr">Meanwhile, a smaller number of ADA investors are currently making profits as against those out of profit. IntoTheBlock data&nbsp;<a href="https://app.intotheblock.com/coin/ADA/deep-dive?group=financials&amp;chart=inAndOut" rel="noopener noreferrer nofollow">reveals</a> that 32.77% of addresses (1.47 million) holding ADA are making money at the current price of $0.4149. On the other hand, 65.83% of holders are currently out of profit.</p>
<p dir="ltr">As of this writing, the price of ADA experienced an increase of 5.9% in the past day. The next critical support level now lies in $0.42 territory. Exceeding this threshold may cause a further price rise for ADA. On the contrary, a fall below this level may cause painful shedding for the token.</p>

17 Billion Cardano (ADA) in 24 Hours, What's Happening?

Inhoudsopgave

U_Today

Andere artikelen gepubliceerd op 26 jul 2024

WazirX Launches Massive $23M Bounty to Track Down $234M Stolen Assets

Bitcoin rebounds to $67K ahead of Trump’s speech in Nashville

XRP Poised for Parabolic Surge? Weekly Bullish Candle Ignites 800% Rally Speculation

WazirX Reports Breach to FIU, Reaches Out to 500+ Exchanges After $235M Hack

Bitcoin As A Reliable Strategic Reserve Asset Faces Criticism from Todd Phillips

OpenOcean Launches DCA (Dollar-Cost Averaging) Beta Tool on Base Chain

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!