Cardano (ADA) Surges 75% in Fortnight, Bullish Market in Sight

• Crypto Market Bull Run Benefits Cardano (ADA)
• Cardano's Extraordinary Two-Week Boost
• Cardano's Resounding On-Chain Metrics
• Large-Scale ADA Transactions Increase

Crypto Market Bull Run Benefits Cardano (ADA)

The crypto market is observing a considerable bullish trend and Cardano (ADA) is a major beneficiary of this trend. In a span of two weeks, Cardano has seen a remarkable 75% surge, with its trading value standing at $0.63. The past 24 hours have witnessed an additional 3% increase. The global market cap for the entire digital asset sphere has reached an extraordinary $1.7 trillion, marking a phenomenal year for the industry. Furthermore, Bitcoin$42,260 -0.64% has crossed the $44,000 threshold for the first time this year. The upward trend in the market seems to be favoring the ADA token significantly.

Cardano's Extraordinary Two-Week Boost

The year 2023 has been largely beneficial for the digital asset market. Factors such as the anticipated Spot Bitcoin ETF and increasing involvement of conventional finance have enabled a thriving environment for assets. Although 2024 is projected to continue this momentum, one token that has shown an astronomical rise over the past two weeks is Cardano (ADA). The significant 75% increase is tied to the overall bullish outlook of the entire digital asset industry. The promising prospects for 2024 and the current robust health of the industry are having a profound impact.

Cardano's Resounding On-Chain Metrics

The on-chain metrics for Cardano reveal a steep incline in both the total value locked and the overall transaction volume. IntoTheBlock data indicates that a significant 56% of Cardano investors are presently holding their tokens for profit. Additionally, the large-scale transactions have maintained a positive trajectory.

Large-Scale ADA Transactions Increase

According to the same data, the past week has seen nearly $44 billion worth of large-scale transactions. Corresponding data shows a correlation of .78 with Bitcoin (BTC) and a 34% concentration of large-scale holders. Overall, the data indicates an encouraging future for the asset and the broader digital asset market as we approach the end of 2023.

Edited by Jonathan Stoker