Cardano’s November Shake-Up: 98.1% Drop In Small Wallets

Why Cardano (ADA) Remains One of the Top 10 Digital Currencies? | Bitcoinsensus.Com

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. 

Related Reading | Binance’s Turbulent Year: Declining Market Share & Regulatory Headwinds