Cardano Price Hits Bullish Trigger as Mysterious Investors Accumulate Over 4 Billion ADA

Cardano (ADA) continues to create waves in the cryptocurrency market towards the end of the month after a meteoric climb of over 50% since the beginning of the year. The cryptocurrency, which ranks seventh in terms of market value, briefly surpassed $0.3990 on Sunday before retreating on Monday.

Cardano’s increase over the last month coincides with a broader cryptocurrency market rebound, as investors continue to hold out optimism that the gloomy global economic statistics will eventually improve. 

As a result, an outpouring of capital has been coming into ADA purchases, as investors anticipate that the debut would boost the price of the asset. Between $0.365 and $0.376 on Sunday night, crypto analyst Ali saw that almost 92,000 addresses had acquired about 4.39 billion ADA valued at approximately $1.72 billion. As long as this demand wall remains, there is a considerable likelihood that ADA will hit new highs, the analyst observed.

However, in a following tweet, Ali published a graphic from Santiment indicating that ADA’s recent spike has also prompted whales seeking exit liquidity to sell.

“Since Cardano hit $0.38 on January 21, approximately 31 addresses holding between 100,000 and 1,000,000 ADA have sold or redistributed their ADA coins,” he stated.

71% of ADA investors are now holding at a loss, while just 26% are “in the money,” according to statistics from crypto analytics company IntoTheBlock. 62% of Bitcoin investors are now in the red, while 35% are in the green. Nonetheless, according to the company, ADA’s low profitability figure “may imply that now is not a terrible time to establish fresh positions.” ADA was selling at $0.378 at press time, a decrease of nearly 5% over the previous 24 hours.

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