As the cryptocurrency space continues to thrive, all eyes are on the potential approval of a Bitcoin Spot Exchange-Traded Fund (ETF) by the US Securities and Exchange Commission (SEC).
In the midst of this, Cardano (ADA) has emerged as a noteworthy player in 2024, showcasing significant market momentum through increased trade volume and innovative blockchain implementations.
The current focus for Cardano involves recovering and re-establishing a bullish trend on the weekly chart, following a temporary disruption caused by the Matrixport report signaling a possible ETF rejection.
A pivotal event contributing to Cardano’s bullish trajectory was the launch of Rosenbridge on December 31, 2023. This multi-layered bridge introduces a secure method for transferring funds across UTXO-based blockchains, connecting Cardano and the Ergo blockchain.
Massive Whale Activity Shows Positive Signals
Despite a slight decline triggered by external factors, recent whale activity in the Cardano ecosystem signals positivity. According to Ali chart on X, Cardano whales have engaged in substantial purchases. This is by acquiring over 14 million $ADA in the past two weeks, amounting to approximately $8.40 million.
In the last two weeks, #Cardano whales bought over 14 million $ADA, worth around $8.40 million! pic.twitter.com/Jq6b66NLGI
— Ali (@ali_charts) January 4, 2024
This surge in whale activity not only adds to the positive sentiment surrounding Cardano but also aligns with the broader trend of heightened interest and investment in the cryptocurrency market.
As Cardano positions itself for renewed bullish momentum, the strategic moves by whales underscore confidence in the project’s potential and contribute to the narrative of ADA as a key player in the evolving crypto landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: Photo by Traxer on Unsplash // Image Effects by Colorcinch