Cardano Ranked Up To Top 9 Crypto Assets, Driven By Whale Activities

Cardano (ADA) managed to break into the top 9 crypto assets by market cap, showing positive price performance amid uncertain market conditions following the approval of the Bitcoin Spot ETF.

Cardano prices are currently in the range of $0.5143 (Rp8,034.64), up 3.6% in the last 24 hours. This increase, although not so large, goes far beyond Bitcoin (BTC) and Ethereum (ETH) which only jumped 0.33% and 0.12%, respectively.

This Cardano price increase is a major bullish correction after the crypto asset dropped to a low of 0.4682 (Rp7,320.97) over the past month. This recovery was caused by Cardano's "whale" activity over the past week.

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According to data from the IntoTheBlock crypto analysis platform, the cumulative volume of "whale" has now reached US$14.34 billion (Rp224.1 trillion) in the last 24 hours, a figure that has risen by more than 11%.

IntoTheblock defines this "whale" transaction as the one with an asset valuation worth more than US$100,000 (Rp1.56 billion), and based on the data, this "whale" transaction jumped from 5,080 on January 17 to 7,910 on January 19.

Although Cardano's "whale" transactions have been volatile so far this month, the current movement illustrates the rise of new capital, which is in line with the growth in protocol prices. More than $14.3 billion in transaction volume "whale" has put Cardano back on the top 10 of the largest crypto asset rankings.