Cardano (ADA) is showing an upward trend, increasing by 4.74% in the last 24 hours to reach $1.0478. This cryptocurrency has gained popularity among large buyers, and current developments may contribute to further value growth.
Whale Impact
Cardano is one of the most favored cryptocurrencies among large buyers. According to IntoTheBlock data, whale activity decreased by 11% in the last 24 hours, reaching a volume of $26.34 billion, surpassing Ethereum's $8 billion volume. Whale transactions for ADA were recorded at 26.09 billion ADA within 24 hours. Over the past week, interest from whales has increased from 26 billion ADA to 41.83 billion ADA.
Correlation with Bitcoin
Cardano exhibits a strong correlation with Bitcoin , with a previously noted correlation coefficient of 0.94. This relationship may assist Cardano in capitalizing on the current Bitcoin price rally. The introduction of spot ETFs and significant institutional purchases could elevate Bitcoin to unprecedented heights, and Cardano may also benefit from this growth, potentially reaching its all-time high of $10.
Future Prospects
The influx of new liquidity into Cardano, coupled with ecosystem updates and its strong correlation with Bitcoin, serves as supportive factors for ADA's value increase. The ongoing upward trend of Cardano, driven by whale transactions, ecosystem updates, and its robust correlation with Bitcoin, suggests potential for future value appreciation. These factors provide important indicators for assessing Cardano's potential.
The continuous growth of Cardano highlights its solid market position, due to the influence of major buyers and its strong connection to Bitcoin. These factors underscore the potential for further development and strengthening of Cardano's position in the cryptocurrency market.
