- Cardano ADA has surged by 77% in the last 14 Days With Higher Highs to Come
- On-Chain Analysis Reveal That the Surge is All Thanks to One Group of Investors
Cardano News Today – The exceptional price action of Cardano ADA over the last two weeks didn’t go unnoticed in the cryptocurrency community. The token has made significant progress increasing by more than 77% within 14 days. Cardano ADA is currently the best performing cryptocurrency on CoinMarketCap and it has outperformed even Bitcoin BTC which is still now back to trading at the same level it was trading this time last week. Within the same period, Cardano ADA has increased from $0.053 to $0.094. This is not a small surge no matter which cryptocurrency is involved.
Cardano News Today – Cardano’s Surge From $0.053 to $0.094 is Primary Due to One Group
Thanks to the surge in the price of Cardano ADA, it has managed to reclaim its position as the 10th largest cryptocurrency per market capitalization for the first time in months. Even if it lost this position to Tezos briefly, it regained several times again. While Cardano ADA is still a long way from the 5th position which it occupied on CoinMarketCap a long time ago, it is working its way up. On-chain data shows that most of the Cardano buying pressure that was causing the surge in price was from a specific group of investors. These whales are promoting the surge with major transactions.
Cardano (ADA) Price Today – ADA / USD
IntoTheBlock, a blockchain analytics firm, posted that the surge in the price of Cardano ADA on the 5th of June was most likely due to the activity of these investors. They noted that Cardano transactions by this group amounted to $7 billion on the 31st of May alone. This is more than 300% the market capitalization of ADA and it reflected a 1,700% surge in the Cardano activity the day before. This was fueled by a few whale investors as most retail investors made only minor transactions during this period. Social mentions of Cardano ADA during this period have dropped so it makes sense that most of the traffic was coming from whales.
At the time of writing, Cardano ADA was trading at $0.085517. It is up by 0.58% against the USD and down by 1.32% against the price of Bitcoin BTC. The trading volume over a 24 hour period is $258,742,381 and the market capitalization is $2,217,208,467. All the technical indicators show that Cardano ADA will most likely retest the $0.094 level again. After this, nothing will stop the token from moving as high as $0.1016.