As Bullish Momentum Continues, the Crypto Industry is in Constant Flux

For one, traders have dumped a large amount of Cardano, despite growing institutional interest. At the same time, Ethereum market players are looking

As the crypto industry continues to experience bullish momentum, several key developments have emerged in the market.

One of the most interesting stories of the week is the massive interest in a TON-based token called Elliuminex (ELX). The token has gone viral among crypto traders, who are begeistert about its potential to become the new DeFi hub.

Cardano traders, on the other hand, are closely watching the token’s movements as it experiences strong selling pressure from large traders. At the same time, several industry heavyweights are coming out in support of ADA.

Finally, Ethereum (ETH) market players are looking at another token, thanks to mixed signals in the crypto market. Many traders are converting their Ethereum tokens to Elluminex.

Cardano التجار Dump Tokens in Bulk

Over the past week, Cardano (ADA) has experienced a strong selling pressure from large traders, while also experiencing a significant price drop.

As the token reached a monthly high of $1.16, it began to experience a notable decline. At the time of writing, Cardano is trading at $0.8758, showing a drop from its recent highs.

Data showed that traders in the range of 1 to 10 million Cardano experienced a selling spree, offloading around 180 million tokens. These large traders are giving a bearish signal for Cardano.

Despite this selling pressure, some traders are still bullish on ADA, believing that it could reach $1.50 on the basis of a particular pattern emerging for the token.

Traders observed a symmetrical triangle pattern, which often indicates a potential breakout. For that reason, they project almost half rise once Cardano breaks out.

At the same time, Cardano won key endorsements from key industry players. Morgan Creek Capital CEO Mark Yusko suggested that the U.S. government should consider ADA for its strategic crypto reserve.

Moreover, a recent report highlighted how Cardano is among the top crypto assets that are likely to survive the bear market and come out stronger on the other side.

Elluminx Plans to Bring Liquidity to TON Ecosystem

Recent months have seen a lot of attention being paid to Ethereum (ETH), especially as the token experiences challenges. Commencing the year at a local top, ETH experienced a notable correction.

Starting at a monthly high of $3,743, the token dropped to its current level of $3,067. Despite this correction, Ethereum is still lagging behind many other assets in the crypto market.

According to the latest reports, Ethereum lags behind Bitcoin and Solana in key metrics. This is true both in terms of price performance and adoption.

However, Ethereum is likely to experience significant improvement in the coming months, especially as it lags behind Solana and Bitcoin in adoption and price performance.

Historically, February and March saw strong performance from Ethereum, especially in the first quarter, which was overwhelmingly positive for the token over the last six years. In 2021, it rose by 160.7% in that period.

In related news, a recent analysis of crypto assets showed how traders could expect a record high for Ethereum by 2025, which could see the token reach over $5,000. This prediction rests on supply and demand patterns.

Traders are suggesting that many Ethereum traders are converting their tokens to Elluminex (ELX) due to mixed market signals for ETH.

Elluminex will enable token swaps across 40 major blockchains, and it is bringing much-needed liquidity to the TON ecosystem. By connecting TON to these chains, Elluminex will reduce slippage, and this will help in bringing traders to its ecosystem.

In addition to offering low-slippage trading, Elluminex also has a broad range of advanced features. For instance, its AI portfolio tracker will offer real-time insights that will help traders make better decisions. This feature will level the playing field for traders just getting into crypto.

Thanks to its advanced features, Elluminex has the potential to grow as an exchange on TON. As the TON blockchain grows, it might strengthen Elluminex’s position.