Cardano Price Prediction as Daily Trading Volume Surges to $1 Billion – Are Whales Accumulating?
The Cardano price has dropped by 3% in the past 24 hours, falling to $0.568470 as the crypto market as a whole also suffers a 3% loss today.
Despite the selloff, ADA remains up by 32% in the past week and by 50% in the last 30 days, with the altcoin having gained by 88% in a month.
And with the token’s trading volume keeping high at just over $1.1 billion, it’s clear that enough interest remains in the token for it to stage a strong comeback in the next few weeks.
Cardano Price Prediction as Daily Trading Volume Surges to $1 Billion – Are Whales Accumulating?
ADA’s chart remains in a very strong position, and the coin has actually gained by 0.5% in the past hour, hinting that yesterday’s drop may end up being a blip.
Most bullishly, the altcoin’s relative strength index (purple) remains above 70 and looks like staying there, after a drop from 90 earlier in the week.
It’s also very encouraging that ADA’s 30-day average (yellow) continues to rise aggressively beyond its 200-day average (blue), providing a clear sign that the token remains in an expansionary phase.
Other indicators of this come from its steadily rising support level (green) and also its 24-hour trading volume, which even today is approximately 1,000% up from where it was 90 days ago.
This all points to raised interest in ADA, with whales likely behind a big chunk of the raised volume.
As such, the Cardano price may have even bigger gains ahead of it in the next few months, especially if the SEC does approve some spot-based Bitcoin ETFs and help trigger a bull market.
ADA’s fundamentals will also help in this respect, with the Cardano blockchain witnessing some very promising expansion and evolution this year.
For instance, its total value locked in has risen by 677% since January 1, from $49 million to $381 million.
ICYMI: the #EssentialCardano development update is live and packed full of all the details of what’s been going on development-wise on #Cardano.
Check it out now! https://t.co/wDL4in8ZBm
— Input Output (@InputOutputHK) December 10, 2023
This suggests that Cardano is enjoying a faster growth in adoption than some of its key rivals, with the latest data showing that 152 projects are now running on its network.
For this reason, the Cardano price will likely continue to rise in the coming weeks, potentially hitting $0.8 by the first few weeks of 2024.
New High-Potential Alts For Diversification
Given its fundamentals, ADA arguably remains one of the most promising altcoins in the market, yet it isn’t the only high-potential token available right now.
Indeed, traders looking to diversify into lower cap alts with big potential upside should also consider one of the bigger presale coins currently doing the rounds.
One of the biggest at the moment is Bitcoin Minetrix (BTCMTX), a stake-to-mine platform that has raised more than $5.2 million in its token offering.
#Tether freezes 41 wallets linked to OFAC's SDN List, taking precautionary measures. 🔒
CEO Paolo Ardoino emphasizes a safer #Stablecoin ecosystem.
How do you think such actions impact the stability and trust in stablecoin technology?#BitcoinMinetrix attains another… pic.twitter.com/EOIjneI5f3
— Bitcoinminetrix (@bitcoinminetrix) December 12, 2023
Running on the Ethereum blockchain, Bitcoin Minetrix will enable users to mine Bitcoin (BTC) by staking its native token, BTCMTX.
By staking BTCMTX, users receive tokenized mining credits, which they can then use to pay for Bitcoin mining.
Doing this enough will earn them newly mined BTC, while staking will also provide a regular stream of new BTCMTX tokens.
Combined with its very user-friendly interface, Bitcoin Minetrix’s earning potential looks set to make it very popular with investors, as indicated by its increasingly successful presale.
Investors can join the presale by heading over to the Bitcoin Minetrix official website, where 1 BTCMTX costs $0.0122.
Yet given its native platform’s fundamentals, the coin is likely to eclipse this price very quickly once it lists on exchanges in the New Year.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
