Cardano's November Shake-Up: 98.1% Drop In Small Wallets
Shake-Up: 98.1% Drop In Small Wallets Blockchain analyst firm Santiment recently revealed that Cardano (ADA) experienced an unexpected exodus of small wallets on...
Blockchain analyst firm Santiment recently revealed that Cardano (ADA) experienced an unexpected exodus of small wallets on November 17th. The data indicated that 98.1% of the affected wallets held between 1 and 10 ADA, shedding light on a potential shift in market sentiment.
The sudden drop in addresses of this size category is often interpreted as a signal of capitulation, a phenomenon where investors give in to market pressures and sell their holdings. In this case, the subsequent performance of ADA suggests a notable recovery, with the cryptocurrency witnessing a remarkable +65% surge since the reported wallet exodus.
As of the latest available data, Cardano is currently trading at $0.591388, reflecting a 24-hour trading volume of $1 billion, marking an 11% increase. Over the past 24 hours, ADA has seen a positive movement of 5.78%, contributing to a weekly gain of 30.51%, according to the charts from CoinMarketcap.
Cardano’s standing in the cryptocurrency market remains robust, securing the #8 position on CoinMarketCap with a market cap of $20,892,357,782. The circulating supply of ADA coins is reported at 35,327,674,538, while the maximum supply is capped at 45,000,000,000 ADA coins.
This recent data paints a dynamic picture of Cardano’s market behavior, with the sudden loss of smaller wallets acting as a point of intrigue for investors. The subsequent surge in ADA’s value suggests that the cryptocurrency may have weathered the storm and is poised for a positive trajectory in the near term.
Cardano Performance and Price Prediction
Over the past 30 days, Cardano (ADA) has exhibited a mixed performance in the cryptocurrency market. Out of the total days, 17 have seen positive gains, constituting 57% of the observed period. This suggests a relatively favorable trend, albeit accompanied by fluctuations. The price volatility during this timeframe is recorded at 15.58%, indicating a certain degree of instability in the market.
According to the latest price prediction provided by Changelly, Cardano is anticipated to experience a modest increase in value. The forecast suggests a rise of 1.41%, projecting the coin’s value to reach $0.573470 by December 14th, 2023. Technical indicators further reinforce a positive outlook for Cardano, as they signal a bullish market sentiment. Specifically, an 80% bullish signal has been identified, indicating prevailing optimism among market participants.
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