The altcoin space has been buzzing with activity soon after the FOMC meeting on Tuesday. The US central banks hinted at three rate cuts coming ahead in 2024 while keeping the interest rates unchanged for the third consecutive time. Altcoins, particularly Cardano, has entered a massive price surge today.
Cardano (ADA) has proved to be an outperformer among the top ten cryptocurrencies with 18% gains. At press time, the Cardano (ADA) price is trading at $0.66 with a market cap of $23.1 billion.
Unlike other altcoins and peers, Cardano (ADA) efficiently absorbed the selling pressure earlier this week. As a result, Cardano’s weekly gains stand at a staggering 47%. Since the start of December this month, Cardano’s gains have exceeded more than 65%.
Whales have been quite active on the Cardano blockchain network as of now. Cardano’s native cryptocurrency, ADA, has witnessed a notable upswing in substantial transactions, surpassing $1.5 billion in the last 24 hours, as reported by the on-chain analytics platform IntoTheBlock.
The substantial surge in transactions, typically valued at a minimum of $100,000 each, has propelled the overall volume from $17.96 billion to an impressive $19.47 billion.
This surge in large transactions has correspondingly elevated the volume of Cardano tokens, marking an increase from $32.32 billion ADA to $33.66 billion ADA.
Cardano quickly absorbed the selling pressure after the ADA price dropped to $0.55 earlier this week. Cardano (ADA) has recently experienced a decisive breakout from the resistance trendline, signaling a potential upward trajectory. If market conditions align with the patterns, the post-breakout rally is anticipated to target key levels, notably $0.737 and $0.87, suggesting a potential 35% growth.
In addition to the surge in price and total value locked, Cardano (ADA) has witnessed a notable increase in trading volume. Following ADA’s breach of the $0.50 mark, decentralized exchange (DEX) volume surged, surpassing $12 million. Data from DefiLlama indicates that Cardano DEXs recorded a remarkable 140% weekly increase, reaching $50 million in trading volume within 24 hours on December 9.
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