Cardano (ADA) has been making headlines on Thursday as its market capitalization surged by an impressive 9% in the past 24 hours, capping a remarkable 36% growth over the last two weeks. The key to understanding this bullish action lies in on-chain activity, with ADA address activity and whale transactions hitting their highest levels in over three months.
📈 #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
On-chain activity is a key metric for gauging investor activity and market sentiment in the cryptocurrency space. There has been a notable 23% rise in ADA address activity in the last three weeks. This increase in address activity points to increased user engagement with the blockchain and growing interest in Cardano. Increasing acceptance for different use cases or the creation of decentralized applications (dApps) on the Cardano network are two possible causes of this kind of engagement.
Whale trades have increased significantly over the last three weeks, jumping by 32%. Whale transactions involve the movement of large sums of ADA. The confidence and investment choices of major stakeholders are frequently reflected in whale behavior. The increase in whale transactions may be an indication that large investors are buying more ADA, which would be positive news for the cryptocurrency.
Cardano’s market capitalization has increased recently for a number of reasons. The cryptocurrency community is excited about the network’s continuous advances, which include the addition of smart contract capability with the Alonzo upgrade. The Cardano platform’s decentralized applications and DeFi projects now have a plethora of options thanks to these smart contracts, which might spur additional adoption and interest from investors.
Conclusion
Cardano’s remarkable success and market capitalization rise are, all things considered, the outcome of increased on-chain activity, which is being driven by both small and large investors. ADA is a cryptocurrency to keep an eye on in the upcoming weeks as it continues to forge its way in the constantly changing cryptocurrency market, thanks to the network’s dedication to innovation and its growing ecosystem.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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