Bullish Sentiment in Crypto Market May Fuel ADA Rise
In addition to the compelling pattern, the overall bullish sentiment in the crypto market may also contribute to Cardano’s possible rise. Bitcoin and other leading cryptocurrencies, such as Ethereum, are up more than 80% and 60% since the start of the year, and ADA could be poised to follow a similar trend.
Cardano’s recent rise also has another cause. In the past two weeks, Cardano whales have purchased more than 560 million ADA tokens, worth $218.4 million. This trend indicates that institutional investors and high net worth individuals are beginning to recognize Cardano’s potential, leading to increased demand and higher prices for Cardano.
In any case, today we see that the ADA price is performing extremely well. At the time of writing, the price of 1 ADA is around $0.46. That is more than 6.5 percent higher than a day ago.