Well, Cardano (ADA) seems to be winning while most digital assets struggle.
Over the past three days, ADA has surged more than 11%, defying the broader market slump that has seen the total cryptocurrency market capitalization drop by 4.5% in just 24 hours. As of Wednesday, February 12, 2024, during the early European session, ADA was trading around $0.76.
Let’s dive into the latest developments shaping Cardano’s price action.
Cardano, which operates on a proof-of-stake (PoS) consensus mechanism, has seen its fully diluted valuation climb to more than $34.4 billion. Its 24-hour average trading volume has also increased to around $1.4 billion, indicating strong market activity.
Investor interest in ADA has remained high, particularly among whales and institutions. The network’s ongoing improvements in decentralized governance have attracted more institutional investors. In a significant move, grayscale Investment
According to on-chain data Santiment, ADA whales, with an account balance of at least 1 million coins, have added 1.41 billion coins since November 2023 to date, which represents 2.35 percent of the altcoins total supply.
ADA has struggled to break past a key resistance level near $1.10 since mid-November 2024, leading to a short-term correction. Over the past few days, the smart contract-focused altcoin has been testing an important support range between $0.68 and $0.76.
However, ADA has recently bounced back above the falling logarithmic trend that had been in place earlier this year. If bullish momentum continues, the altcoin could break out above the macro megaphone structure and move closer to its all-time high.
If the current trend holds, Cardano may soon find itself back in the spotlight as one of the market’s top-performing altcoins.
Yes, Cardano has a strong future with growing adoption, whale accumulation, and institutional interest, including Grayscale’s ADA ETF filing.
XRP excels in fast transactions, while Cardano focuses on smart contracts and PoS security. Each serves different use cases in crypto.
According to our Cardano price prediction, the altcoin’s price could hit a maximum of $2.62 in 2025.
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