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The Cardano Blockchain has seen a surge in trading activity over the past few weeks Price data relay the trend. Cardano price rise In the past 30 days It was more than impressive, as its price doubled during this period. At the time of writing, ADA is now trading at its highest point so far in 2024 after breaking above the March high of $0.77.
Digging deeper into the forces behind this rally, on-chain metrics suggest that the rally is being driven by strong buying momentum, especially from large ADA holders. Data from blockchain analytics platform IntoTheBlock highlights a significant rise in the volume of large transactions, which today reached $22.56 billion. This number represents a 297% increase in the volume of large transactions over the past two weeks.
High in cardano large holder size
Significant spike in Cardano holder activity Highlighted Through the “Large Transaction Volume in USD” metric provided by blockchain analytics platform IntoTheBlock. This metric captures the total value of cross-chain transactions exceeding $100,000 over a 24-hour period, providing insight into the behavior of high net worth investors and institutional participants.
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Interestingly, the volume of large US dollar transactions recently reached $28.43 billion on November 16, its highest level to date. This number underscores the significant interest and growing activity on the Cardano blockchain, especially among large holders who will likely drive much of the network’s momentum.
This high level of activity shows no signs of stopping, with the latest data indicating $22.56 billion in large transactions over the past 24 hours. To provide perspective, Cardano started November with significant daily transaction volumes hovering just under $6 billion before seeing a significant spike starting on November 6.
What’s next for ADA pricing?
At the time of writing, ADA is trading at $0.80, up about 6.5% over the past 24 hours. This price point marks Highest ADA price Since May 2022. Not just largeholders; Retail owners are also in on the trend. ADA’s trading volume rose by about 29% over the past 24 hours, reaching $2.31 billion.
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As it is, Cardano It is currently outperforming all other large cap cryptocurrencies in the past 24 hours. On-chain data and major market indicators suggest that this bullish momentum is likely to continue, with the next important price target being a break above the $1 psychological level.
Beyond the large transaction measure, other metrics such as net network growth and positive momentum in the futures market indicate a very optimistic outlook.
Featured image created with Dall.E, chart from Tradingview.com
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