Cardano Profitability On The Rise: 1.7 Million Addresses Hit 2-Year High
December 05 2023 - 4:20AM
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Several on-chain metrtics demonstrate the growing optimism about
Cardano (ADA). Concurrently, the cryptocurrency has managed to
break through a significant resistance level against the backdrop
of a bullish market attitude. Not only is Cardano seeing a boost in
momentum, but top altcoins are also feeling the effects. Strong
positions held by Bitcoin and Ethereum above $40,000 and $2,200,
respectively, add to the overall favorable market dynamics. Related
Reading: ORDI Rockets To Unprecedented Peaks Alongside Bitcoin’s
$42,000 Breakthrough Cardano Network Transactions Rise Cardano has
been steadily rising, and expert cryptocurrency trader Ali Martinez
pointed out that the cryptocurrency’s consolidation in the middle
of November resembled that of the 2018–2022 phase. This suggests
that Cardano may overcome the $0.45 resistance and reach $0.75 by
the end of December. Cardano has had a pivotal three months, and
what’s to come could be even more so. This is due to the fact that
the network has seen numerous transactions totaling more over
$100,000. Martinez claims that the spike in transactions indicates
a rise in institutional interest in ADA. #Cardano | In the last
three months, there’s been a significant increase in $ADA
transactions over $100,000, reaching new highs consistently. This
surge points to growing interest in #ADA from institutional players
and whales, which is usually a precursor to price spikes.
pic.twitter.com/APczM2PGxM — Ali (@ali_charts) December 4, 2023
Meanwhile, there’s another interesting development happening of
late. According to the most recent data, once Bitcoin broke above
the $41,000 mark, there was a bullish rebound that saw the
percentage of lucrative Cardano addresses rise to a two-year high
of 42%, or roughly 1.76 million addresses. Source: IntoTheBlock
Based on IntoTheBlock’s examination, this increase in profitability
not only represents a transient spike but also highlights ADA’s
long-term potential. This encouraging development contributes to
the general sentiment among investors by fostering a sense of
assurance and faith in cryptocurrencies. ADAUSD currently trading
at $0.399 territory on the daily chart: TradingView.com Whales’
Influence On ADA’s Price And Sentiment And speaking
of sentiment, Martinez emphasized the possible influence on
the price of ADA while pointing out that whales have also been
participating in the recent large-scale transactions on the Cardano
network. The expert noted that actions such as these might be
essential to a significant rise in the price of ADA. Source:
IntoTheBlock Related Reading: Solana TVL Balloons To Over $600
Million – What This Means For SOL Price The recent announcement of
150 initiatives and the ongoing development of 1,304 projects
demonstrate a thriving ecosystem. Another explanation for Cardano’s
high transaction growth could be this. The remarkable production of
9.1 million native tokens demonstrates the wide range of
customization possibilities on Cardano. A further demonstration of
the versatile utility of Cardano’s asset generation capabilities is
the establishment of 81,447 token policies. At the time of writing,
ADA was trading at $0.399, up 2.3% in the last 24 hours, and down
7.1% in the last seven weeks, data by Coingecko shows. (This site’s
content should not be construed as investment advice. Investing
involves risk. When you invest, your capital is subject to risk).
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