Cardano ($ADA) Breaks Away from the Altcoin Pack, Approaches 8-Month High

Cardano ($ADA) has been making waves in the crypto market, breaking away from the altcoin pack and approaching its 8-month high.

Cardano ($ADA) has decoupled from the broader altcoin market, surging nearly to its 8-month high as its ADA-to-BTC ratio also climbs to levels not seen in months.

The recent strength in Cardano’s price action is also evident in the high transaction volumes and significant whale activity. However, this activity has also coincided with a decrease in the number of Cardano addresses.

Cardano holders have sold into the recent rally, with the total number of Cardano addresses decreasing by 30k since the start of Cardano’s move on Nov 5th.

According to IntoTheBlock, the decrease in Cardano addresses began around November 5th, coinciding with the start of the recent rally.

This activity suggests that retail investors may be cashing out as the price of Cardano increases. However, large-scale activity paints a more optimistic picture.

Over the last two weeks, the volume of large $ADA transactions has skyrocketed by 297%, reaching an impressive $22.56 billion.

The volume of large #Cardano $ADA transactions has increased by 297% in the past two weeks, reaching $22.56 billion today! pic.twitter.com/5DFzrnzV1U

— Ali (@ali_charts) November 19, 2024

Top Wallets Holding $ADA Increase Holdings

In a separate analysis by Ali, wallets holding more than $10 million worth of $ADA have increased their holdings by 145.72% in the past month.

This level of transaction and whale activity was last seen in June, just before a 26% rise in the ADA-to-BTC pair.

Cardano’s ability to sustain its rally while attracting high-value holders solidifies its position as a key player in the cryptocurrency market.

While some smaller investors appear to be taking profits, the aggressive accumulation by whales suggests an underlying bullish sentiment.

As the rally progresses, the question remains whether Cardano can maintain its upward momentum. For now, $ADA stands out for its resilience and potential to outpace other altcoins, fueled by both growing whale activity and the promise of future gains.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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