The world of cryptocurrencies has set its radars on the industry’s top-tier digital assets. Which holds the potential to turntables of the world’s most revolutionary tech. The market cap of the crypto industry is currently at $1.86 T, which is up 1.9% over the day. Amongst the top-10 cryptocurrencies, Cardano is one such digital asset that remains under the radar of investors.
The developmentally stout protocol, as previously said, is under the active consideration of investors and traders. Who are analyzing the analytics and price metrics of ADA, amidst the growing interest of larger investors in the blockchain? Successively, the Cardano network continues to triumph against rivals with its transaction and adjusted transaction volumes.
Is This The Right Time To Bag ADA?
Big money investors have been holding interests around the ninth-largest crypto asset for quite some time now. And have been not missing out on making positions periodically. The balance of ADA is held by wallet addresses with 1 M to 10 M ADA. Had hit an ATH of 12 B ADA last week.
Successively, As previously reported, Whale wallets holding between 1 M to 10 M ADA have spiked by over 40% this year. The accumulation of ADA over other layer-1s by whales could indicate a potential bull run for Cardano soon. Wherefore, folks from the fraternity are now inclining towards Cardano and its analytics.
According to DefiLama, the TVL of the Cardano network is presently at $254.3 M. Which saw a negligible change of 0.05% over the day. That said, Sundaeswap continues to hold its dominance at 46.13%. Coming to transactions, the numbers over the past 15-days, have been on a steady decline. The count on Thursday was at 82,681, while that on February 24th was at 110,237.
Consequently, Cardano continues to hold the first position with transaction volumes and adjusted transaction volumes on a 24-hour time frame. The numbers of which are at $36.44 B and $35.95 B respectively. Conversely, the average transfer fees have been oscillating across modulations. The fee has risen from $0.32 on March 7th to $0.36 on Thursday.
ADA Price Trajectory!
ADA price at the time of press is trading at $0.815 with marginal gains of 0.4%. The market cap of the asset is presently hovering at $26,137,704,914. While the volume of trades for 24-hours is at $701,965,677. ADA price has been ranging in the 24-hour bandwidth from the lows of $0.787 to the highs of $0.8210. ADA is currently up 8.86% from its cycle of $0.75.
The digital asset has been parting ways with its crucial support levels in recent times. The previous support levels are now imperative resistance levels. In order to flip the long-term trajectory towards the interest of bulls, ADA will have to claim the $1 milepost. That said, bears have been waiting at $0.75, which the whales would probably defend.
Summing up, the rise of big-money players, and the growing prominence of DEX’s. Hold the potential to turn Cardano to the bulls, wherefore, the possibility of ADA breaching $1 in the short-term seems promising. That said, we can expect the on-chain analytics to grow in line with the growing interest of the whales.
Was this writing helpful?