Highlights:
- ADA/BTC ratio nears an 8-month high as Cardano’s market metrics attain remarkable heights.
- Cardano’s transaction volume spiked to a 7-month high, while whale activities struck a 6-month high.
- ADA’s impressive actions persist with significant price jumps across specific periods’ price change data.
Since the crypto market swung into its bullish phase, Cardano (ADA) has been one of the market cycle’s outstanding prospects. After trading below $0.5 for most of 2024, the coin has finally stabilized above the level that has posed significant resistance over many months.
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In one of its most recent tweets, Santiment spotted some surged metrics that have distinguished Cardano from other altcoins. The post added that the spike variables include mainly transaction volume and whale activities.
Meanwhile, aside from the metrics above, the on-chain analytical intelligence firm spotlighted ADA’s price ratio against BTC (ADA/BTC ratio). It mentioned that the variable is also closing up on an 8-month high.
Relaying its findings on X, part of Santiment’s tweet read thus:
“The last time we saw this level of ADA transaction and whale volume was in June, just before a +26% burst in the ADA/BTC pairing.”
📈 Cardano is decoupled from the altcoin pack, nearly matching its 8-month high. Its price ratio against Bitcoin is also nearing an 8-month high. The last time we saw this level of ADA transaction and whale volume was in June, just prior to a +26% burst in the ADA/BTC pairing. pic.twitter.com/8EmEAySWaq
— Santiment (@santimentfeed) November 20, 2024
Statistical Details of the Raised Market Metrics
According to the on-chain transactions tracker, the past seven days saw significant surges in ADA’s trading volume. In its shared chart, Santiment specified that transactions worth approximately $52.26 billion occurred in the past week, marking the metric’s highest level since seven months ago.
For whale activities, Santiment mentioned it spotted over 8,900 of such activities. It added that the recently recorded surged whale market involvements happened for two consecutive weeks, with the most recent standing out as a six-month high variable.
In crypto, the above-raised metrics invariably imply investors’ interest in ADA. In addition, it signifies that traders are seemingly confident about the token’s price expansion prospect. Hence, despite the prevailing bullish run, they are not relenting in their consistent token accumulations.
Moreover, the spiking ADA/BTC ratio highlights the propensity of funds entering Cardano from Bitcoin investments, signifying potential tendencies of investors preferring altcoins, including ADA.
Market Expert Ali Martinez Corroborates Santiment’s Claims
Renowned market chartist Ali Martinez shared tweets portraying his market findings about Cardano. In one of such tweets, the market expert mentioned that the past month saw Cardano holders boasting over $10 million in ADA increase their holdings by about 145.72%.
#Cardano whales have been actively accumulating $ADA over the past month, with holders of over $10 million in #ADA increasing their positions by 145.72%! pic.twitter.com/a7v39zktuJ
— Ali (@ali_charts) November 20, 2024
In another X post, Martinez shared a finding projecting ADA’s surged transaction volume. He wrote: “The volume of large Cardano ADA transactions has increased by 297% in the past two weeks, reaching $22.56 billion today!”
The volume of large #Cardano $ADA transactions has increased by 297% in the past two weeks, reaching $22.56 billion today! pic.twitter.com/5DFzrnzV1U
— Ali (@ali_charts) November 19, 2024
ADA Records Significant Increment in its Specific Periods Price Change Data
At the time of press, ADA is changing hands at about $0.79, reflecting a 4% upswing in the past 24 hours. Aside from its short-term price change variable, Cardano’s 7-day-to-date, month-to-date, and year-to-date metrics displayed considerable price surges. For context, they experienced increments of about 50.5%, 115.9%, and 105.5%, respectively.
Meanwhile, on Coincodex, ADA’s risk assessment analysis revealed that its remarkable price actions were insufficient to outperform Bitcoin. However, Cardano surpassed 60% of the best-performing cryptocurrencies in price actions. In addition, it is trading above its 200-day Simple Moving Average (SMA), with nineteen green days out of thirty.
Other relevant statistics disclosed that Cardano boasts a medium supply inflation at 3.59%. Volatility was extremely high at about 32.10. In addition, the Fear and Greed Index displayed extreme greed at 83, while sentiment displayed bullishness.
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