Cardano (ADA) Sees Impressive Activity, Surges to 2023 High
Date: 2023-12-07 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
Cardano's Remarkable Rise
The cryptocurrency market is abuzz with the latest developments surrounding Cardano (ADA). Santiment, a prominent analytics company, has reported a significant surge in Cardano's network activity. This surge has translated into a 7% surge in ADA's price, bringing it to an impressive $0.4554 on December 7, 2023. The coin's market capitalization also rose to $15.5 billion, making it a focal point in the crypto sphere. Notably, ADA's trading volume increased by 26.23% during this period.
Analyzing the Surge
Santiment's analysts have put forth a hypothesis regarding this bullish rally in ADA. They suggest that it may be linked to small traders selling their coins to larger ADA holders, often referred to as "whales." The decrease in the total number of Cardano holder addresses is seen as a positive sign by experts. Typically, such a reduction is viewed as an indication that small holders are capitulating and selling their assets to whales.
Address Activity
Looking at recent data, on November 18, the number of addresses with zero ADA balances nearly reached a four-month high. However, from November 14 to 22, there was a significant reduction in these addresses. During this period, ADA coins were sold from a total of 32,100 addresses. The sell-off trend was also observed three days ago when 223 addresses became empty. Researchers conclude that some traders sold their coins at a loss, ultimately benefiting the whales. In August, Santiment reported that the number of Cardano wallets holding more than 100,000 ADA reached a 16-month high, totaling 25,294 addresses.
Analytical Predictions
Analyst and trader Ali Martinez has noted that ADA's growth pattern closely resembles the trajectory observed between 2018 and 2020, discounting the pandemic-induced crash. According to Martinez's forecast, if this pattern persists, ADA may break the resistance level at $0.45. However, it's essential to consider that by the end of December, Cardano's cryptocurrency could potentially surge to $0.75.
Bullish Outlook
Recent speculations from crypto analyst Dan Gambardello suggest that during the next bull market in the crypto space, ADA's price could skyrocket to $11. This anticipated growth is expected to be fueled by Bitcoin's bullish rally due to the upcoming halving event, which could positively impact other altcoins as well. Stay tuned for more updates on Cardano's exciting journey in the world of cryptocurrencies.
