Cardano’s ADA cryptocurrency has reached its highest level in over two years, showing a significant price rally that has caught the attention of large traders. The surge in ADA’s price comes as Bitcoin approaches the $100,000 mark for the first time, sparking interest in alternative cryptocurrencies across the market.
In the past 24 hours, ADA has seen a 10% increase in value, trading at 90 cents on various exchanges. This price surge represents a 22% increase for the week and a remarkable 152% increase for the month, pushing ADA’s market capitalization to $30.85 billion. As a result, ADA has become the 10th largest digital asset globally.
One of the key factors driving ADA’s rally is the continued accumulation of the cryptocurrency by whales, which are large crypto addresses holding more than $10 million worth of the token. Recent data from Tagus Capital indicates that whales now collectively hold over $12 billion in ADA, signaling confidence in the cryptocurrency’s future growth.
Moreover, on-chain activity data confirms the active participation of whales and institutional investors in ADA, suggesting that the current price rally could be sustained. Analytics firm IntoTheBlock has reported a 300% increase in large transactions involving ADA in just two weeks, indicating growing interest from institutional players.
According to Tagus Capital, the surge in ADA’s price and on-chain activity is driven by heightened interest from institutional investors. The firm also pointed out that Cardano’s founder, Charles Hoskinson, has hinted at potential collaborations with the Trump administration to promote crypto-friendly policies, further boosting sentiment around ADA.
Overall, the recent price rally and increased whale holdings in ADA suggest a positive outlook for the cryptocurrency in the near term. As Bitcoin continues to make new highs and the broader crypto market experiences significant gains, ADA’s performance highlights the growing interest in alternative cryptocurrencies among investors and institutions alike.
