Cardano Increases in Value as Whales Influence the Market

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Cardano (ADA) is currently on a rising trend, increasing by 4.74% in the last 24 hours to reach $1.0478. For much of the past year, ADA traded below $0.30, but it now shows potential to regain its all-time high of over $3.099.

Whale Impact

Cardano is one of the most favored cryptocurrencies among large buyers. According to IntoTheBlock data, whale activity decreased by 11% in the last 24 hours, reaching a volume of $26.34 billion, surpassing Ethereum ‘s $8 billion volume.

Whale transactions for ADA were recorded at 26.09 billion ADA within 24 hours. Over the past week, interest from whales has increased from 26 billion ADA to 41.83 billion ADA.

Correlation with Bitcoin

Cardano exhibits a strong correlation with Bitcoin , with a previously noted correlation coefficient of 0.94. This relationship may assist Cardano in capitalizing on the current Bitcoin price rally.

The introduction of spot ETFs and significant institutional purchases could elevate Bitcoin to unprecedented heights. Should this growth occur, Cardano may also benefit, potentially reaching its all-time high of $10.

The influx of new liquidity into Cardano, coupled with ecosystem updates and its strong correlation with Bitcoin, serves as supportive factors for ADA’s value increase.

The ongoing upward trend of Cardano, driven by whale transactions, ecosystem updates, and its robust correlation with Bitcoin, suggests potential for future value appreciation. These factors provide important indicators for assessing Cardano’s potential.

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