Cardano (ADA) has recently experienced a notable surge in market capitalization. Blockchain analytics firm Santiment reported a 9% increase in ADA’s market cap over the past day, which adds to a more than 20% rise over the last two weeks.
This growth spurt in valuation aligns with heightened activity on the Cardano network, specifically among large-scale holders, commonly referred to as ‘whales.’
Cardano On-Chain Data Signals Bullish Behavior For ADA
Before this latest rise in value, several on-chain metrics hinted at the potential for a short-term increase in ADA’s price. Santiment’s analysis pointed out that two key indicators—address activity and whale transactions—had spiked to levels not seen in three months.
This kind of on-chain behavior often precedes market movements, drawing the attention of investors and analysts alike.
Digging deeper into the Cardano blockchain data, there’s been a 23% rise in address activity over the past three weeks, according to Santiment, suggesting a growing use case or increased speculation about the altcoin’s future.
Concurrently, whale transactions, which are large transfers of ADA often indicative of deep-pocketed investors’ movements, have shot up by more than 32%. Such significant transactions can substantially impact market sentiment, potentially leading to price volatility or, in this case, a bullish trend for ADA.
#Cardano has been the big story Thursday, with its market cap growing +9% in the past 24 hours and now +36% over 2 weeks. As usual, #onchain activity hinted at this #bullish action with $ADA address activity & whale transaction at their highest in 3+ months.… pic.twitter.com/IYBBk3ssf4
— Santiment (@santimentfeed) November 2, 2023
ADA Latest Price Action: Market Surges Over 10%
Meanwhile, in a development that aligns with market expectations, ADA’s price has sustained a bullish trend over recent weeks. Correspondingly, the altcoin’s market capitalization has reflected this positive momentum, swelling by approximately 11.4% in the past week and by nearly 30% in the past two weeks.
Significantly, ADA’s market cap has surpassed the $11 billion mark, climbing from the earlier monthly low of around $9 billion. This uptick in market cap value has seen ADA achieve a trading price of $0.32 at the current time, marking an increase of close to 5% in just the last 24 hours.
Further bolstering the optimistic market sentiment, ADA’s daily trading volumes have experienced a substantial increase. Where just last Friday, the trading volume hovered around $214 million, there has been a remarkable swell, with the figure soaring to nearly $500 million in the past day.
This enhanced trading activity, coupled with the market cap growth, signals a robust investor interest in ADA, potentially indicative of broader market confidence in the altcoin’s prospects.
Featured image from Unsplash, Chart from TradingView