With a 9% gain in the last day and a 36% increase in the last two weeks, the market valuation of the digital currency Cardano (ADA) has experienced a notable spike.
Santiment’s data demonstrates a correlation between the positive price action and on-chain operations. It shows a rise in ADA address activity and significant transactions that haven’t been observed in more than three months.
It is important to remember that on-chain measurements are frequently thought to be indicators of future price movements.
Insight from holders and transactions
According to on-chain statistics given by IntoTheBlock, the makeup of investors by time held reveals a solid long-term investment base, with 61% holding for more than a year.
Right now, Cardano has a 29% big holding concentration. At the moment, 74% of the holders are out of money due to market conditions.
In terms of transaction volume, during the past seven days, there have been noteworthy transactions totaling $22.56 billion that are worth more than $100,000.
Three mega-whale addresses—those with more than 1% of the circulating supply—remain relatively small, but the transfers in and out of major holders have been significant; a 30-day shift shows a rise in inflow of more than 1124% and an increase in outflow of 209.14%.
Price performance and potential catalysts
Cardano’s price performance has been consistent with the positive on-chain statistics; at $0.32, a 3.9% rise, it is now trading. The trade volume over a 24-hour period is close to $470 million.
The community views the current Cardano summit, which brings together blockchain engineers and fans, as a possible bullish trigger that might increase positive mood and eventually affect the price of cryptocurrencies.
The approval of a spot Bitcoin exchange-traded fund (ETF), which was greatly anticipated, may serve as yet another important positive stimulus for the leading cryptocurrency.
