Cardano

bullish

Bitcoin

Cardano has outperformed expectations this month, not only keeping pace with but surpassing the broader crypto market's upward trajectory. After a period of stagnation, <a href="https://yellow.com/asset/ada">ADA</a>'s on-chain activity has witnessed significant growth, distinguishing it from other altcoins. 
Data from the respected on-chain analytics platform, Santiment, <a href="https://cryptopotato.com/cardanos-on-chain-activity-soars-as-ada-rockets-above-0-8/">shows</a> that ADA's transaction volume hit $52.26 billion this week, achieving a seven-month peak. In parallel, whale transactions surpassed 8,900 for the second week in a row, marking a six-month summit. 
ADA is now decoupling from its altcoin peers, approaching its best levels in the last eight months. The ADA to Bitcoin price ratio is also nearing this eight-month high. Not since June have we seen such levels of transaction and whale activity, events that preceded a significant 26% surge in the ADA/BTC pairing. 
The current rise mirrors ADA's price ratio against Bitcoin hitting similar peaks. These historical patterns suggest this uptick precedes a robust 26% increase in the ADA/BTC pairing. Such deviation from the general altcoin market sets the stage for a bullish phase, presenting promising prospects for ADA investors. 
Increased on-chain metrics are reflected in a notable uptick in large transactions involving ADA. Over the past fortnight, we've observed a 297% increase in large transaction volumes. Data indicates the total volume soared to $22.56 billion on November 18, coinciding with ADA's price surpassing $0.742. The 7-day peak of $28.43 billion points to increased interest from institutions or significant holders. 
As of now, ADA is trading close to $0.83, following a remarkable 153% surge since November 5th—a pivotal point in U.S. politics marked by Donald Trump's presidential election victory, a moment many see as transformative for the crypto landscape. 
This ongoing bull phase has led to bold projections for ADA. As mentioned by CryptoPotato, noted analyst 'CryptosRus' anticipates a $6 target by late 2025 if the current trends persist. Nonetheless, the latest surge has not been immune to investors seeking profits. 
Recent analysis by IntoTheBlock noted that since November 5th, there has been a 30,000 decrease in Cardano addresses. 
This drop may indicate a profit-taking wave as investors cash in on ADA's significant recent gains. Such activity could signal potential short-term sell-offs, yet the broader market remains optimistic about ADA's long-term potential.

Cardano Breaks $0.8 Amid Surge in Network Activity

Yellow News

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