Among the digital currencies with a somewhat slow response to general market trends, Cardano (ADA) stands out. However, it has experienced a notable rebound in the last 24 hours, surging by 3.27% to reach $0.3855. It’s worth noting that Cardano is currently one of the few altcoins within the top 10 exhibiting positive price movement.
According to data from cryptocurrency analytics platform IntoTheBlock, Cardano recorded a 26.97% jump in large transactions over 24 hours, amounting to a total volume of $10.43 billion. While Cardano is known for its dramatic whale activity, this recent surge is unique, considering the altcoin’s current status.
In terms of ADA, the $10.43 billion transaction volume translates to 27.17 billion units of the asset traded within 24 hours. With over 35.7 billion ADA in circulation, this significant transaction volume represents more than 76% of the assets. This substantial volume has evidently caught ADA bears off guard, helping to prevent ongoing sell-offs.
Prior to this, Cardano maintained an uneven market performance, having dropped by 13.15% in 24 hours and over 18% in the past month. Now, the whale deal is expected to help ADA align its growth fundamentals to establish a sustainable growth trajectory.
Building Bullish Momentum
There is intense competition within the cryptocurrency ecosystem, placing Cardano in a challenging position. Nevertheless, the digital currency has been building its bullish momentum over the past few days. On June 18, Cardano recorded similarly boosted volumes, indicating clearer buying interest across all buyer categories.
Read more Cardano’s Critical Support Level Amidst Market Sell-Off
One of the main trends that could further enhance Cardano’s recovery is the suspension of the investigation by the Securities and Exchange Commission (SEC). This suspension suggests that Cardano might also be cleared of related accusations by the market regulator.
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