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Cardano News: Cardano (ADA) Defies Broader Market Consolidation With 7% Gains, What’s Next?

Amid the recent ADA price surge, Cardano has added more than $1 billion to its market cap in the last 24 hours.
Published by
Bhushan Akolkar
Updated 07 Dec, 2023 | 05:41:31 AM UTC
Cardano News: Cardano (ADA) Defies Broader Market Consolidation With 7% Gains, What’s Next?

After a strong start to the week, the broader cryptocurrency market seems to rest a bit. However, Cardano bulls continue to rage in with the ADA price gaining an additional 7%. As of press time, Cardano (ADA) is trading at $0.44 with a market cap of $15.8 billion.

Cardano (ADA) Defies Broader Market Trend

According to on-chain data provided by Santiment, Cardano (ADA) has experienced a 7% increase in market value today, defying the broader trend of decline observed in the cryptocurrency market on Wednesday.

Notably, the total number of ADA addresses has been decreasing, which is also a positive indicator. In the cryptocurrency space, a decline in the number of wallets is often interpreted as a signal that small holders may be capitulating and selling their assets to larger investors, potentially incurring losses.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Bhushan Akolkar
Updated 07 Dec, 2023 | 05:41:31 AM
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