TL;DR
- Cardano’s whale transaction volumes and NFT sales have been notable lately.
- ADA’s price has recently underperformed compared to ETH, but experts anticipate a potential rally influenced by upcoming events and developments in the crypto industry.
According to IntoTheBlock data, Cardano whales have settled an average of $13 billion in large daily transactions for the past week. In comparison, Ethereum’s figure stood at $5 billion.
Cardano whales have been quite active for the past few months. $13B in large transactions (>$100k) is being settled on Cardano daily on average. A significant amount, if you compare it to Ethereum’s $5B 7-day average. pic.twitter.com/8rjeQZaonU
— IntoTheBlock (@intotheblock) January 18, 2024
Cardano has also made progress on the non-fungible token field, with an NFT sales volume of over $7.6 million for the last 30 days. Ethereum might be a leader with approximately $341 million, but this actually represents a 23% decline on a monthly basis.
Despite the aforementioned developments, Cardano’s ADA has performed worse than ETH as of late. The former currently trades at $0.50 (per CoinGecko’s data), or a 14% plunge on a weekly scale. ETH is hovering around $2,470 and is down 5% for the same period.
However, some experts think ADA could be on the verge of a rally, taking into account the importance of several upcoming events.
Dan Gambardello (Founder of Crypto Capital Venture) outlined the Coinbase v. SEC lawsuit as a major catalyst, suggesting that a victory for the company might trigger a “mega altcoin run.”
Recall that the regulator sued the exchange last summer, accusing it of breaching several laws and offering trading services with alleged unregistered securities such as ADA, SOL, MATIC, and more.
Those curious to check other Cardano price predictions can take a look at our dedicated video below:
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