Crypto coins and tokens are known to experience different price trends and patterns over time. Major coins, like Cardano, attract more scrutiny from experts and analysts because of their market position. Cardano was among the best-performing coins of the last year. However, the coin has been struggling with a lack of momentum for a few months.
Nonetheless, Cardano is currently showing signs of positive growth and momentum. The coin is attracting more institutional investors to its platform. According to an estimate, the volume of on-chain transactions that are less than $100K has increased by almost 50x in 2022 so far. More than $69 billion ADA was moved in large transactions yesterday. Also, 99% of these transactions were from institutional investors. The number of whale wallets has also increased by 1.7% on the Cardano network.
@Cardano is experiencing increasing institutional demand
The volume of on-chain transactions >$100k has increased by 50x just in 2022
Yesterday, a total of 69.09b $ADA were moved in these large transactions, representing 99% of the total on-chain volumehttps://t.co/8ME8STvRSF pic.twitter.com/aqH7hYIPiV
— IntoTheBlock (@intotheblock) March 29, 2022
The Cardano Network experiences growth in its activity
Experts have evaluated that since March 21, almost 42 addresses are created that hold a high quantity of ADA tokens. The whale accounts hold $1.2 million to $12 million in ADA. The increased whale accumulation is indicating a strengthening momentum for Cardano’s ADA. Also, the influence of this increasing interest is also felt on the price of ADA.
The ADA token has gone up by almost 24% in the last 7 days or so. Moreover, the market cap of the coin has surpassed the $40 billion mark. Cardano is placed at #7 in the list of top cryptocurrencies by market cap. The 24-hour trading volume of the token is almost $1.65 billion. ADA is currently priced at over $1.19. The graph below shows the growing price trajectory of the token in the past week.
The development around the Cardano ecosystem has provided a much-needed boost to the ADA token. The network has also launched a layer-2 interoperability sidechain, Milkomeda. It provides a developer toolkit and facilitates the launch of new networks on the blockchain. Milkomeda will also offer more liquidity to the ADA market.
In addition to this, Cardano is also added to the fund of Grayscale. The token carries the largest percentage per share in the token. These developments have caused a major positive trend around the network and ADA token. It is imminent that ADA will receive more attention from institutional investors, and its price might continue to grow in the coming days.
