Cardano (ADA) is often considered a coin that responds to market trends slowly. However, in the last 24 hours, Cardano showed a significant recovery with a price spike of 3.27% to 0.3855 US Dollars (around Rp6,306). It should be noted that Cardano is one of the few altcoins in the top 10.
According to data from the IntoTheBlock crypto analytic platform, Cardano recorded a 26.97% spike in large transactions in 24 hours, with a total volume of 10.43 billion US Dollars (around Rp170 trillion). While Cardano is known for its whale boom action, this latest spike is quite unique given the condition of the altcoin.
In ADA terms, the value of 10.43 billion US Dollars is equivalent to 27.17 billion units of assets traded in 24 hours. With more than 35.7 billion ADA circulating, this large transaction volume reflects more than 76% of total assets. This large volume seems to surprise ADA bears and help prevent sustainable sales.
Previously, Cardano experienced unbalanced performance in the market, down to 13.15% in 24 hours and over 18% in the past month. This whale transaction is expected to help ADA equalize its growth fundamentals to establish a sustainable growth path.
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There is a very tight competition in the crypto ecosystem, and this has largely put Cardano in a difficult position. However, this digital currency has been building its bullish momentum over the past few days.
Cardano noted the same volume increased on June 18, signaling a more visible buying interest in all categories of buyers. One of the main trends that may further increase Cardano's recovery is the suspension of investigation into Ethereum as a securities by the SEC. This suspension suggests that Cardano may also be exempted from similar accusations by market regulators.
With these developments, Cardano shows the potential to continue to move forward in the crypto market, offering promising opportunities for investors looking for strong alternatives beyond Bitcoin and Ethereum.
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