Cardano’s (ADA) price has seen a significant upward movement, rising by over 12% to hit a daily high of $0.83. This surge coincides with a dramatic 145% increase in whale activity over the past month, highlighting a shift in investor sentiment. The altcoin has also experienced a nearly 54% gain in the past week, making it one of the top performers in the market. As the price continues to rise, speculation mounts that ADA could soon reach the $1 mark, with some experts, like crypto analyst Ali Martinez, predicting a potential high of $6 during this market cycle.
The driving force behind ADA’s price increase is largely attributed to the surge in whale activity. Wallets holding over $10 million in ADA have ramped up their purchases, boosting their holdings by 145.72% in just one month. This uptick in large-scale accumulation has pushed the total value of ADA held by whales to an impressive $12.11 billion as of November 18.
In addition to whale interest, Cardano is also seeing growth within its decentralized finance (DeFi) sector. The Total Value Locked (TVL) in Cardano’s DeFi projects has risen to $479.8 million, nearing its all-time high, according to Defillama data. This growth suggests that Cardano’s ecosystem is becoming increasingly robust.
Market data further supports ADA’s growing momentum. According to Santiment, Cardano is showing strength relative to the broader altcoin market, including Bitcoin. The ADA/BTC pair, for example, saw a 26% price surge, echoing similar behavior observed in June. Furthermore, large transactions in ADA have skyrocketed, increasing by 297% over the last two weeks, with total large transactions reaching $22.56 billion.
Martinez has drawn parallels between Cardano’s current price movement and the 2020 bull run, suggesting ADA could potentially rise by as much as 2000% and hit $6 by 2025. His analysis is supported by charts showing this potential trajectory.
Currently, ADA is trading at $0.80, with a market capitalization of $28 billion and a trading volume that has surged by 163%, reaching $23.78 billion, according to CoinMarketCap. As investor interest intensifies, Cardano is poised for continued growth in the coming months.
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