The Cardano network has seen a significant increase in the volume of transactions exceeding $100,000 as these consistently reach new highs, indicating institutional investors and whales’ growing interest in Cardano and its native cryptocurrency ADA.
According to popular cryptocurrency analyst Ali Martinez, over the last three months there has been a significant increase in ADA transactions worth over $100,000 to the point these have been “reaching new highs consistently.”
This surge, according to the analysts, pointed to growing interest from high-net-worth individuals on the smart contract platform in what is “usually a precursor to price spikes.”
Large-scale investments tend to bring liquidity and stability to the market, which can attract more investors. However, it’s important to note that the cryptocurrency market is known for its volatility, and investor sentiment can shift rapidly. The rise in large transactions comes at a time in which the cryptocurrency market keeps moving up, with Bitcoin now being up over 150% year-to-date and trading above $40,000, while Cardano’s ADA moved up 63% so far this year to now trade at around $0.40.
The rise also comes amid a growing number of bullish Cardano price predictions ,with various analysts predicting Cardano could move to as much as $30 by next year, and with one price prediction pointing to a surge of as much as 10,000% for ADA by 2025.
The Cardano network has been steadily growing, having seen the creation of 9.1 million native tokens and the establishment of over 81,400 token policies. The network has processed over 79 million transactions.
The total value locked on the network’s decentralized finance (DeFi) protocols has been steadily growing this year to now stand at $272 million, up from around $50 million at the beginning of the year. In ADA terms, it grew from around 200 million ADA to over 670 million at the time of writing.
Featured image via Unsplash.
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