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The Cardano blockchain has witnessed a surge in trading activity in recent weeks price data that reflects this trend. Cardano’s price increase in the past 30 days has been more than impressive, with the price doubling within this period. At the time of writing, the ADA is now trading at its highest point yet in 2024, after rising above its March high of $0.77.
Delving deeper into the forces behind this rally, on-chain metrics suggest the rise is being driven by strong buying momentum, especially from large ADA holders. Data from blockchain analytics platform IntoTheBlock highlights a notable spike in large transaction volume, which reached $22.56 billion today. This figure marks a 297% spike in high transaction volume over the past two weeks.
Spike In Cardano Large Holder Volume
The surge in activity from major holders of Cardano is highlighted according to the ‘Large transaction volume in USD’ metric from blockchain analytics platform IntoTheBlock. This metric captures the total value of on-chain transactions over $100,000 within a 24-hour period, providing insight into the behavior of wealthy investors and institutional participants.
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Interestingly, the large transaction volume in USD recently reached $28.43 billion on November 16, which is the highest yet. Such a figure underlines the significant interest and increased activity on the Cardano blockchain, especially among large-scale holders who are likely driving much of the network’s momentum.
There are no signs that this increased level of activity will stop. The latest data shows that $22.56 billion in major transactions were completed in the last 24 hours. To provide perspective, Cardano started November with daily high transaction volumes hovering just under $6 billion before experiencing a notable increase starting on November 6.
What’s next for the ADA award?
At the time of writing, ADA price is trading at $0.80, up about 6.5% in the last 24 hours. This price point marks the highest ADA price since May 2022. Not just large holders; Retailers are also following the trend. ADA trading volume increased by approximately 29% in the last 24 hours, reaching $2.31 billion.
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As it looks now, Cardano is currently outperforming all other major market cap cryptos over the past 24 hours. On-chain data and key market indicators suggest that this bullish momentum is likely to continue, with the next major price target being a break above the psychological barrier of $1.
In addition to the major transaction metrics, other metrics such as net network growth and positive momentum in the futures market suggest a very optimistic outlook.
Featured image created with Dall.E, chart from Tradingview.com
