Large transaction volume and number have lately increased for Cardano (ADA), raising the possibility of a price increase. Cardano token transactions over $100,000 or more increased significantly, according to the cryptocurrency intelligence platform IntoTheBlock. These significant transactions increased by an astonishing 990 in a 24-hour period on Monday, totaling 6,460.
The volume spike was also noteworthy, with a startling increase of 3.4 billion ADA (or $770 million) within the same time frame. These trades had a staggering total value of 36.67 billion ADA, or almost $9.54 billion.
Back to 2018
The price of the ADA token, which was $0.26 throughout the investigated timeframe, also increased at the same time that the number of significant Cardano transactions increased. This figure is particularly important since it corresponds to the Cardano token’s debut trading price on Binance, the biggest cryptocurrency exchange in the world.
For seasoned investors, a price level like this is quite important since they frequently want to construct positions near to important benchmarks so they can better estimate risk.
While it would be premature to say with certainty that a price rally for ADA is on the horizon, it is crucial to closely watch how prices in this range behave in order to better comprehend the whole crypto market. Analysis of transactions involving large quantities of ADA, or “whales,” might provide important information regarding market tendencies and possible price changes.
