Altcoin Rally: Cardano Climbs to 18-Month High, Market Value Reaches $30B
There is a buzz in the larger cryptocurrency market as cash is shifting into alternative cryptocurrencies as bitcoin (BTC) approaches $100,000 for the first time after crossing $99,000 earlier Friday. Cardano‘s native cryptocurrency, ADA, is experiencing a surge in popularity amid the excitement surrounding the proof-of-stake smart-contract blockchain. Early Friday, the coin was trading at 90 cents on Coinbase and other platforms, after rising 10.37% over the previous day. CoinDesk Indices data shows that the price has been the highest since May 2022.
The price has increased by 40.61% this week, bringing the total gain for the month to above 150%. The market value of the token has risen to $30.29 billion, making it the ninth-largest digital asset in the world. Meanwhile, the CoinDesk 20 Index (CD20), which represents the larger cryptocurrency market, has risen 58% this month and 14% this week.
Whales Drive Cardano’s Growth: $12B in ADA Holdings and Rising Activity
Alongside ADA’s surge, whales continue to accumulate. Whales already possess more than $12 billion in ADA, according to Tagus Capital. The participation of whales and institutions is confirmed by on-chain activity, suggesting that this rise may be resilient. The number of significant transactions employing ADA has increased by 300% in just two weeks, according to data from analytics firm IntoTheBlock. In a daily newsletter, Tagus Capital noted the increase in major transactions and said it indicated increased interest from institutional investors.
Some of this momentum is sentiment-driven, as previously noted, with Cardano’s founder, Charles Hoskinson, hinting at potential collaborations with the Trump administration for crypto-friendly policies.
Tagus Capital
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