Cardano (ADA) Gains 10% on Investor Confidence Boost
Cardano (ADA) jumped more than 10% Monday, marking its best 1-day gain since May 30.
The surge elevated ADA’s market capitalization to $20.48 billion, which represents over 1.1% of the total crypto market value. The cryptocurrency’s price has moved in the range of $0.5654 to $0.6182 over the past 24 hours.
Cardano, one of the top 10 biggest cryptocurrencies in the world by market cap, soared nearly 18% over the past week.
ADA’s volume traded in the last 24 hours hit $995,382,864.
At the time of writing, ADA was trading at around $0.63 a piece. The coin remains more than 80% of its all-time high of $3.10 it reached in September 2021 when its market capitalization hit more than $94 billion.
The world’s largest cryptocurrency, Bitcoin (BTC), gained nearly 6% over the past 24 hours and was trading at around $31,414.62 at the time of writing, while Ether (ETH) was hovering just below the $1,900 mark.
According to the recent data, Cardano whales – investors that own between 100,000 and 1 million ADA coins – have been amassing their holdings over the past few weeks. To be more specific, the whales have ramped up their ADA holdings from 7.26% to 17.34% between May 17 and June 1, marking a roughly 250% jump in holdings.
Moreover, the bigger Cardano whales that own more than 10 million ADA coins are making the greatest impact. These investors have raised their ADA holdings from 49.02% to 49.13% between May 27 and June 1. This was one of the biggest drivers behind ADA’s recent surge.
Cardano has seen a significant jump in inflows from institutional investors as the demand for the cryptocurrency continues to rise due to numerous upcoming releases and solutions. At the current pace, the volume of ADA owned by institutional investors is set to outstrip their Ethereum holdings.
Vahid is a market reporter covering major cryptocurrency, stock market, and business news.
