In 2023, Cardano (ADA) surged by over 60%, resulting in a prolonged altcoin rally that lasted for weeks.
On February 2, ADA defied all odds and hit a remarkable local peak of $0.412 – the most significant point since November 5, 2022. This week, however, as investors took steps to withdraw their capital from riskier investments, ADA underwent correction in value. On Thursday, February 9th at nightfall, the ADA rate plummeted to just $0.391 – a capitalization of merely $13.573 billion.
Recent data from Santiment reveals that the dramatic upsurge of Cardano can be credited to a significant surge in whale activity, as it marks the highest level observed within nine months.
Since May 2022, the amount of ADA transactions worth over $100,000 has skyrocketed to its highest rate yet. Analysts have noted that wallets containing between 1 million and 100 million ADA tokens had resumed buying Ada coin which could explain this notable surge in altcoin value.
Comparable whale activity was sighted within the last week to what had been spotted from May 11th to 17th of last year.
As the worth of cryptocurrency began to climb, traders and investors seemed more drawn to Cardano futures. Evidently, CoinGlasss data revealed that these contracts had developed a market value close to $200 million! Across international exchanges, the highest demand for this instrument is currently being seen on Binance ($102.45 million), OKX ($43.34 million) and ByBit ($25.83 million).