Source: Coinpedia
This month, Cardano has outperformed expectations by keeping up with and surpassing the upward trajectory of the larger cryptocurrency market. ADA stands out from other altcoins because of its notable increase in on-chain activity following a period of inactivity.
The ADA transaction volume this week was $52.26 billion, according to statistics from Santiment, a reputable on-chain analytics platform. This indicates that the volume of transactions peaked seven months ago. Concurrently, whale transactions reached a six-month high off over 8,900 for the second consecutive week.
Source: The Crypto Basic
ADA is currently separated from its peers in the altcoin space and is getting close to its highest points over the past eight months. This eight-month high is also being approached by the ADA to Bitcoin price ratio. Such transaction and whale activity levels have not been observed since June, which was the month before the notable 26% increase in the ADA/BTC pairing.
The present increase reflects comparable peaks in the price ratio of ADA to Bitcoin. These past trends imply that this increase comes before a strong 26% rise in the ADA/BTC combination. This divergence from the overall altcoin market sets a bullish phase in motion, offering ADA investors encouraging opportunities.
There has been a noticeable increase in large transactions employing ADA, which indicates higher on-chain metrics. We have seen a 297% spike in major transaction volumes during the last two weeks. According to data, the overall volume increased to $22.56 billion on November 18, the same day that ADA’s price surpassed $0.742. The seven-day top of $28.43 billion suggests that institutions or major holders are becoming more interested.
The current price of ADA is at $0.78. Since November 5th, ADA has had a spectacular 153% increase. Donald Trump’s victory in the presidential election on November 5th is widely regarded as a turning point for the cryptocurrency landscape.
Cardano Price Chart
ADA has made audacious estimates because of this extended bull period. Noted expert ‘CryptosRus’ predicts a $6 aim by late 2025 if the current trends continue, as reported by CryptoPotato. However, investors looking to make money have not been spared from the most recent spike.
According to a recent investigation by IntoTheBlock, the number of Cardano addresses has decreased by 30,000 since November 5th.
This decline can indicate a wave of profit-taking as investors take advantage of ADA’s notable recent gains. This kind of action can show a short-term ADA sell-off. The general market is still upbeat about ADA’s prospects for the future.
