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.
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“Yesterday, a total of 69.09 billion ADA were moved in these large transactions, representing 99% of the total on-chain volume.”
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.”
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Featured Image: Shutterstock/Art Furnace
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