- Cardano transactions exceeding $100,000 on the ADA network are on the rise, signaling a spike in interest from whales and institutional investors.
- Cardano developers announced that the Ethereum-killer network is going full peer-to-peer, boosting decentralization.
- ADA price yielded nearly 8% gains for holders over the past week, with rising whale activity on the blockchain network.
Cardano hit an important milestone in its developmental journey going full peer-to-peer with node 1.35.6. Developers called all Staking Pool Operators (SPOs) to get on the testnet and test the speed and efficiency of the Ethereum-killer blockchain network.
ADA’s rising popularity among institutional investors and large wallet holders could emerge as one of the drivers of the altcoin’s price rally.
Cardano network sees spike in whale activity
Based on data from crypto intelligence tracker IntoTheBlock, the volume of large Cardano transactions exceeding $100,000 is on the rise. The trend indicates that institutional investors and Cardano whales are increasing their engagement with the Ethereum-killer token.
Cardano network’s large volume transactions
While a spike in whale activity is typically considered indicative of a correction in the asset’s price, large volume transactions on ADA network are accompanied by a steady increase in the asset’s price. Over the past week, ADA yielded nearly 8% gains for holders.
Cardano hits key developmental milestone
Cardano developers at Input Output Global (IOG) announced a boost in the Ethereum-killer’s decentralization with node 1.35.6. A recent tweet by developers called all Cardano Staking Pool Operators (SPOs) to get on the testnet and test the speed and efficiency of the new developmental update.
Dynamic #P2P networking is an important evolution for #Cardano and a further boost to the network's performance, resilience and decentralization. And it's rolling out from today...
— Input Output (@InputOutputHK) March 16, 2023
Read more: https://t.co/Mxz0F9qCqS pic.twitter.com/gQF5LhhTan
Going full peer-to-peer boosts the decentralization of the Cardano blockchain and increases the network’s resilience.
Interestingly, a key growth metric supports the bullish thesis for Cardano. Total Value Locked (TVL) in Cardano climbed 20% per month Year To Date (YTD). The growing TVL doesn’t factor in projects that are lined up for launch on the ADA network.
YTD, Cardano TVL grew 20% per month to 358m ADA. If this trend continues, it hits 1bn ADA in a year, which is $3bn if ADA goes back to all-time high. This doesn’t factor in yet to launch @axotrade, @GeniusyieldO, @TeddySwap, @yamfore, @SpectrumLabs_, new @liqwidfinance assets etc
— ADA whale (@cardano_whale) March 16, 2023
The latest developments in the Cardano ecosystem, including boost in decentralization and rise in interest from institutions is bullish for ADA’s growth.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.