Cardano Surges with $10B in Large Transactions, Defies Market Trends

June 20, 2024 at 02:43 AM GST 2 mins read News

Cardano experienced a 26.97% increase in large transactions within 24 hours, totaling $10.43 billion.
Over 76% of Cardano’s circulating supply was involved in these large transactions, preventing prolonged sell-offs.
The halt in the SEC’s investigation into Ethereum may signal a more favorable regulatory environment for Cardano.

Cardano (ADA) has recently seen a notable surge in large transactions, increasing by 26.97% within a 24-hour period and bringing its total transaction volume to an impressive $10.43 billion.

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This significant movement is particularly striking given the current state of the altcoin and its history of attracting substantial investments from large holders. In the last day alone, 27.17 billion ADA, equating to $10.43 billion, was traded. With over 35.7 billion ADA in circulation, this means more than 76% of Cardano’s available supply was involved in large transactions. This unexpected spike has surprised ADA skeptics and helped prevent extended sell-offs, marking a positive shift for the cryptocurrency.

Prior to this uptick, Cardano had been experiencing a turbulent period, with its market performance dropping as much as 13.15% in a single day and over 18% throughout the past month. The recent whale activity, however, seems poised to align ADA’s growth with its underlying fundamentals, setting the stage for a more sustained upward trajectory.

Amid the fierce competition within the cryptocurrency market, Cardano has been gradually gaining bullish momentum over the past few days. This resurgence was highlighted by an increased trading volume recorded on June 18, indicating a heightened buying interest from a diverse range of investors.

Additionally, a potential catalyst for Cardano’s recovery is the recent halt in the SEC’s investigation into Ethereum’s status as a security. This pause may imply a more favorable regulatory outlook for Cardano as well, possibly alleviating market concerns about similar scrutiny.