The crypto market has seen quite a fortunate time since the beginning of 2023. Right from the start, the crypto market sentiments have remained in the bullish zone.
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Among these tokens is Cardano (ADA) which has also recorded a huge surge in trading value and market capitalization. Even the trading volume for the (assumed ETH killer) has also continued surging from the start of 2023.
If compared to the major cryptocurrencies, the performance of Cardano has been quite remarkable. It has even outperformed several other major cryptocurrencies that are even larger than itself.
Cardano Recorded a 65% Surge
The CoinMarketCap data shows that neither of the cryptocurrencies larger than Cardano (ADA) in terms of valuation has recorded a stronger rally from year-to-date (YTD).
The report shows that from the beginning of 2023 until now, the value of Cardano has surged more than 65%. No other major cryptocurrency has managed to hit such as high level compared to Cardano’s performance.
Just as the year began, the trading price of ADA was at a low of $0.24 per ADA. As the rally began and it gained strong momentum, its value surged to higher levels.
From the beginning of January to the beginning of February, the value of ADA surged from $0.24 to $0.41.
One of the major factors behind the significant surge in ADA’s trading price is the constant rise in the trading volume of the asset.
The trading volume for ADA has continued increasing and it has reached a high of $162.34 million due to the strong input of the investors.
Whales Accumulating ADA on a Large Scale
The on-chain data analytical firms have also shared the recent activities of the Cardano whales. They have been very active ever since the trading price of the asset has continued surging.
They have gotten the hint that the price of ADA would continue surging and it would keep growing stronger in value.
Over time, the asset’s value continued rising, making it very attractive for the whales. As the whales have continued accumulating ADA on a very large scale, it has formed a stronger rally around the asset.
This is the reason why other major cryptocurrencies do not come near to the rally that ADA has achieved since the start of 2023.
As per the statistics, the whales and the key sharks have been accumulating ADA right from the start of 2023. From the beginning of the New Year until now, they have accumulated up to 405.85 million ADA.
According to the analysts, the sharks/whales input is the real reason why the trading price of ADA has risen since the start of 2023.
One of the shark tracking platforms has revealed that the highest combined trading volume for ADA is being generated by the whales with 100,000 to 100,000,000 ADA in their wallets.
This is the highest accumulation volume that the whales/sharks have achieved for ADA since the 8th of November, 2022.
Since the demise of the FTX exchange, it is a 12-month high that the trading volume of ADA has hit.
Current Market Reputation of ADA
As of now, the overall market capitalization of ADA is more than $13.8 billion. At the beginning of 2023, the valuation of ADA was at a low of $8.6 billion.
Due to the strong valuation, ADA now ranks as the 8th largest cryptocurrency in terms of market valuation.
ADA’s Jump to $0.48
At the time of writing, the trading price of ADA is at $0.39 but the whales/sharks are not done accumulating the asset.
They are still eager to accumulate more ADA and that may keep injecting ADA with more rallies. This would eventually push ADA’s price over the $0.40 barrier.
If the trend continues, then the trading price of ADA may surge to a high of $0.48.