- According to IntoTheBlock, Cardano’s transaction volume has increased by 205% year-to-date and there has been a spike in whale accumulation.
- Despite prevailing market-wide downturn, a large percentage of ADA investors have demonstrated resilience by holding onto their investments in anticipation of a future price surge.
Noteworthy Growth in Cardano’s Transaction Volume
Data analytics firm IntoTheBlock has reported a remarkable growth in Cardano’s (ADA) transaction volume. In their analysis of various metrics related to the Cardano network, including transaction count, volume, whale activity, profitability, and correlation with Bitcoin (BTC), they observed a significant surge. Cardano’s transaction volume has seen a 205% increase year-to-date, suggesting a renewed interest from investors following a sharp decline in late 2022.
ADA whale accumulation has also seen a notable increase along with the transaction volume surge. Spikes in net flows, as highlighted by IntoTheBlock’s data, indicate a trend of whale accumulation with an over 1,500% surge in the past 30 days. This data reflects the network’s continued push for growth, with recent initiatives aiming to rival Ethereum in terms of improved scalability and increased smart contracts.
Resilience Amid Market Downturn
During the prevalent market-wide downturn, Cardano has demonstrated a resilience that stands out. The network maintained a consistent number of transactions and saw a substantial surge of 33.45% from its lowest transaction levels throughout the year. It also achieved a record-breaking count of 98,000 transactions within a 24-hour period, indicating an increased interest.
In terms of profitability, the report reveals that while 22.2% of addresses are yielding profits and 4.5% are at a breakeven point, the majority, 73.2%, are facing losses. This bearish reality can be attributed to the prevailing market-wide conditions. However, a significant portion of ADA investors are showing resilience by holding onto their investments in anticipation of a future price surge.
In conclusion, the report indicates ADA’s strong positive correlation with BTC and ETH, reflecting its tendency to align its movements with these major assets and its susceptibility to overall market sentiment and trends. ADA, currently trading at $0.3676, is up 2.14% in the past 24 hours and is the highest gainer among the top 10 cryptocurrencies in the last 24 hours. Despite a 9.19% decline over the past 3 days, Cardano is poised to end its intraday losing streak.