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In a shocking twist, Cardano (ADA) has joined the few altcoins in the top 10 of assets by market capitalization leading the charge in terms of bullish price surge.
Cardano price and on-chain outlook
Cardano price is currently changing hands for $0.5143, up by 3.6% in the past 24 hours. This growth, though mild, far outranks those of Bitcoin (BTC) and Ethereum (ETH) which have jumped by 0.33% and 0.12% respectively.
This Cardano price action is a major bullish correction after the coin slipped as low as $0.4682 over the past month. This recovery can be attributed to Cardano whale activity over the past week. According to data from crypto analytics platform IntoTheBlock, the cumulative whale volume has now totaled $14.34 billion over the past 24 hours, a figure up by more than 11%.
IntoTheBlock defined this whale transaction as those with a monetary valuation of more than $100,000 and per the data, this whale transaction soared from 5,080 as of January 17 to 7,910 as of January 19.
While the Cardano whale transactions have been erratic for the better part of this month, the current outlook depicts the resurgence of new capital, which has correspondingly fueled the growth of the protocol’s price.
The more than $14.3 billion in whale transaction volume has put Cardano on the map, seeing it outshone Ethereum’s $4.21 billion and the less than $1 billion recorded by Dogecoin (DOGE).
Is ADA billed for an imminent surge?
Cardano’s price currently maintains a deep correlation with that of Bitcoin. As such, there are chances that ADA might not print an impressive bullish run on its own if Bitcoin does not grow simultaneously.
The current Cardano price outlook is a positive bullish shift, one that might help short-term holders recoup their capital, take profits, and further stir a major drawdown in the price of the coin. This reality has been Cardano’s major bane for the past few months as the $0.67 price mark has formed its strongest resistance point for weeks.
The Cardano whale outlook complements the active developmental efforts from the protocol’s parent company and more impressive updates are ahead for the Proof-of-Stake (PoS) network this year.
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