TL;DR
- Cardano whale trading volumes and nft sales have been notable lately.
- ADA price has recently underperformed eth, but experts anticipate a possible rebound influenced by upcoming events and developments in the crypto industry.
According to data from IntoTheBlock, Cardano whales have settled an average of $13 billion in large daily transactions over the past week. In comparison, ethereum's figure stood at $5 billion.
Cardano whales have been quite active over the past few months. $13 billion in large transactions (>$100,000) on average are settled daily on Cardano. A significant amount, when compared to ethereum's $5 billion 7-day average. pic.twitter.com/8rjeQZaonU
– IntoTheBlock (@intotheblock) January 18, 2024
Cardano also has made progress in the field of non-fungible tokens, with nft sales volume of more than $7.6 million over the last 30 days. ethereum might be leading with approximately $341 million, but this actually represents a 23% monthly decline.
Despite the aforementioned developments, Cardano's ADA has performed worse than eth lately. The former is currently trading at $0.50 (according to CoinGecko data), or a 14% drop on a weekly basis. eth is around $2,470 and is down 5% over the same period.
However, some experts believe that ADA could be on the verge of a rally, considering the importance of several upcoming events.
Dan Gambardello (founder of crypto Capital Venture) border Coinbase v. SEC as a major catalyst, suggesting that a victory for the company could trigger an “altcoin mega run.”
Let us remember that the regulator defendant the stock market last summer, accusing it of violating various laws and offering trading services with alleged unregistered securities such as ADA, SOL, MATIC and more.
Those curious to check out other Cardano price predictions can watch our dedicated video below:
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