ADA from Cardano has hit its highest price since May 2022. This surge is driven by big traders jumping into the action.
Meanwhile, Bitcoin (BTC) has broken new ground, surpassing $98,000 and briefly touching $99,000 earlier today. As Bitcoin approaches the $100,000 mark, money is flowing into alternative cryptocurrencies, sparking excitement across the crypto market.
In this vibrant atmosphere, Cardano's native token, ADA, has seen a significant boost. It rose by 10% in just 24 hours, trading at 90 cents on platforms like Coinbase. According to CoinDesk Indices, this is the highest price for ADA since May 2022.
This week alone, ADA's price jumped by 22%, pushing its month-to-date gain to an impressive 152%. As a result, the market cap of ADA has climbed to $30.85 billion, making it the 10th largest digital asset in the world. For context, the CoinDesk 20 Index (CD20), which tracks the broader crypto market, has risen by 14% this week and 58% this month.
What's interesting is that ADA's rise is backed by ongoing accumulation from whales—those large holders with over $10 million in ADA. Tagus Capital reports that these whales now control more than $12 billion worth of ADA.
On-chain data confirms that both whales and institutions are involved, indicating that this rally might stick around. Analytics firm IntoTheBlock shows that the number of large transactions involving ADA has skyrocketed by 300% in the past two weeks.