Cardano ($ADA) has been making waves in the crypto market, breaking away from the altcoin pack and approaching its 8-month high.
Its ADA-to-BTC ratio is also climbing to levels not seen in months, underscoring the token’s recent strength.
The rally, which kicked off on November 5th, has brought a surge in transaction volumes and significant whale activity, though it has also coincided with a notable decline in the number of Cardano addresses.
Since the start of this upward trend, approximately 30,000 $ADA-holding addresses have disappeared, likely reflecting retail investors cashing out amid the price surge.
Despite this, large-scale activity paints a more optimistic picture. Over the last two weeks, the volume of large $ADA transactions has skyrocketed by 297%, reaching an impressive $22.56 billion.
Meanwhile, whales have been actively accumulating. Wallets holding more than $10 million worth of $ADA have increased their holdings by 145.72% in the past month, indicating strong confidence in Cardano’s long-term potential. This level of transaction and whale activity was last seen in June, just before a 26% rise in the ADA-to-BTC pair.
Cardano’s ability to sustain its rally while attracting high-value holders solidifies its position as a key player in the cryptocurrency market. While some smaller investors appear to be taking profits, the aggressive accumulation by whales suggests an underlying bullish sentiment.
As the rally progresses, the question remains whether Cardano can maintain its upward momentum. For now, $ADA stands out for its resilience and potential to outperform other altcoins, fueled by both growing whale activity and the promise of future gains.
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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