Cardano Witnessing Institutional Demand As Large Transactions Skyrocket: Analytics Firm IntoTheBlock


A leading crypto analytics firm says institutional investors appear to be buying bulk into global payments platform Cardano (ADA).

In a new tweet, IntoTheBlock says that the volume of ADA’s on-chain transactions greater than $100k has increased by 50x in 2022 alone.

Track live crypto price of 10000+ coins!


“Yesterday, a total of 69.09 billion ADA were moved in these large transactions, representing 99% of the total on-chain volume.”

Source: IntoTheBlockl/Twitter

Cardano is a blockchain platform supporting its native cryptocurrency ADA for global payments. It also supports non-ADA native assets. Cardano allows people to send and receive funds instantly and for minimal fees. It also allows developers to build smart contracts and decentralized applications.

The Ethereum (ETH) competitor has been on a hot streak recently after months of bearish price action. ADA is up more than 12% in the past seven days and nearly 29% from where it was priced one month ago.

The 8th-ranked crypto asset by market cap is trading at $1.20 at time of writing and is up 0.52% in the past 24 hours. ADA is still down more than 61% from its all-time high of $3.09, which it hit in early September of last year.

Widely-followed crypto analyst Michaël van de Poppe tells his 579,100 Twitter followers that he thinks Cardano could be about to run into price resistance.

“Taking liquidity and running upwards here into resistance. Might continue towards $1.45, but wouldn’t chase a long here.”

Source: IntoTheBlockl/Twitter

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp
Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.


Featured Image: Shutterstock/Art Furnace




Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link

Share this article: 

Related:  Six Factors to Consider While Investing in a Crypto Bear Market