- ADA saw a 9% rise in one day and a 36% surge in two weeks, propelled by robust on-chain activities.
- Long-term investors comprise 61% of ADA holders, with $22.56 billion in transactions over $100,000 last week.
- The Cardano summit and potential approval of a Bitcoin ETF are anticipated to boost ADA’s positive momentum.
Cardano (ADA) has experienced a staggering 36% surge in its valuation over the past two weeks, with a notable 9% increase within one day. This impressive rally has been largely attributed to the cryptocurrency’s robust on-chain activities, as reported by analytics firm Santiment.
The correlation between on-chain metrics and ADA’s bullish price action has been evident, with a peak in ADA address activities and substantial large transactions that haven’t been witnessed in over three months. On-chain data analysis is a reliable predictor of future price movements, making these recent developments highly significant for ADA enthusiasts and investors.
Further analysis reveals the strength of Cardano’s investor base. A substantial 61% of ADA holders have demonstrated their confidence by holding onto their investments for over a year, indicating a robust long-term commitment to the cryptocurrency. Additionally, a staggering $22.56 billion worth of transactions exceeding $100,000 were recorded in the past week alone.
The ongoing Cardano summit is generating considerable anticipation within the community. Many view this event as a potential catalyst that could further enhance positive sentiment surrounding ADA, potentially leading to an upward price trajectory.
Moreover, there is widespread speculation about the imminent approval of a spot Bitcoin exchange-traded fund (ETF), a development that could significantly impact the broader cryptocurrency market. If approved, this ETF could serve as yet another major bullish catalyst for ADA, adding to the current wave of positive momentum.
