Cardano performed excellently in the market. In the last 24 hours, the price of ADA, its native cryptocurrency, experienced a 2.47% increase, reaching the $0.301 mark and achieving a market capitalization of $10.61 billion according to CoinMarketCap data.
An important factor that contributed to Cardano’s ascent is the accumulation of ADA by the so-called whales.
On-chain data shows that significant amounts of previously inactive ADA have started moving again, indicating renewed interest from investors.
Cardano Whales Bet on Growth
Additionally, wallets holding between 100,000 and 10 million ADA are also in an accumulation phase, indicating that investors with substantial holdings are betting on the cryptocurrency.
🐳🦈 #Cardano has hit a major dormant coin activity milestone. Monday marked the highest amount of older wallets moving $ADA since April, 2022, indicating more coins are moving back into circulation. 100K-10M $ADA wallets are also accumulating again. https://t.co/TwwQkHZbzA pic.twitter.com/kDjntuV7AS
— Santiment (@santimentfeed) October 31, 2023
The growing interest in Cardano aligns with the results the platform achieved in the third quarter of the year.
Activity on the Cardano network saw a 198% increase compared to the previous quarter, propelling it from the 34th position to the 15th in the total value locked (TVL) ranking in DeFi.
Another key indicator of growth is the number of daily active addresses, which reached 41,137 in the third quarter.
Additionally, the average daily transactions have increased to 60,356, underscoring the rising interest and usage of the network.
The non-fungible tokens (NFT) market also experienced significant growth on Cardano, with an average of 49,388 daily transactions in decentralized applications (DApps) and a daily NFT trading volume of $0.6 million.
This surge in the NFT sector highlights how Cardano has evolved into a vibrant and growing ecosystem.
Another important aspect is the increase in the value of stablecoins within the Cardano protocol. With a 16% increase compared to the previous quarter and an impressive 461% growth year-to-date.
This growth has been partially attributed to the introduction of ‘bridged’ versions of stablecoins like USDT and USDC on the Cardano network.
In terms of technical analysis, ADA’s price has surpassed the 200-day moving average, which could indicate an increase in buying pressure.
However, the daily Relative Strength Index (RSI) stands at 78%, suggesting strong bullish momentum but also raising the possibility that the cryptocurrency may be approaching overbought conditions.
