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Cardano November Momentum – An Over 40% Increase In The Cards?

Cardano (ADA) has undoubtedly claimed its spot as one of the frontrunners among the multitude of altcoins. The digital asset, known for its innovative approach to blockchain technology, has witnessed remarkable gains in recent days, leaving both crypto enthusiasts and investors curious about the trajectory it will follow in the coming weeks.

The question that now lingers is, for how long will Cardano’s meteoric rise continue?

To shed light on the potential outcomes for ADA this November, we must delve into its historical performance. Over the past five years, the month of November has held a mix of outcomes for Cardano. 

Cardano November Prospects: Up Or Down?

Notably, three years ago, it concluded with an impressive 84% gain, showcasing the coin’s ability to deliver substantial returns during this period.

With this historical context in mind, ADA holders find themselves pondering two potential scenarios for this month: a soaring ascent, with the price surging by 43.5% to reach $0.41 per token — or a dip, bringing the value down to $0.279 per ADA.

Adding to the intrigue surrounding Cardano’s current performance, crypto data analysis firm Santiment has reported a noteworthy development in the behavior of long-time ADA holders.

These investors, often referred to as “whales” in the crypto world, have begun moving the largest amounts of ADA tokens in over a year. This sudden movement raises questions about the intentions behind this significant shift.

Santiment’s observations also highlight that deep-pocketed Cardano holders have been quite active in accumulating ADA tokens recently. In just two weeks, these influential stakeholders acquired nearly 44 million ADA tokens, amounting to approximately $12.67 million. The aggressive nature of this accumulation raises eyebrows and leads to speculation about the motives behind these strategic moves.

Cardano’s Meteoric Surge

As of the most recent data available, ADA’s price on CoinGecko stands at $0.305896, reflecting a 6.7% surge in the past 24 hours. Over the past seven days, the cryptocurrency has rallied by 5.5%, further solidifying its status as a top performer in the market.

While the future remains uncertain, Cardano’s recent ascent and the intriguing movements of long-term ADA holders have undoubtedly set the stage for an exciting month ahead.

Investors and enthusiasts will be watching closely to see whether ADA can maintain its momentum or if the market will witness a shift in its fortunes as November unfolds. As always in the crypto world, the only constant is change, and Cardano’s journey is poised to be an eventful one.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock

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Dormant Bitcoin Whales Rouse From Slumber To Threaten BTC Rally

Dormant Bitcoin whales, or long-term HODLers holding huge amounts of BTC, have suddenly awakened and started moving their funds. After over six years of inactivity, three dormant Bitcoin addresses containing thousands of BTC unexpectedly became active again, and they transferred a combined total of 6,500 BTC. 

With BTC now showing signs of the resumption of the October rally, these massive Bitcoin transfers could either increase buying momentum or threaten to capsize the current bull run.

Dormant Bitcoin Whales Make Waves With Massive BTC Transfers

Movement of dormant Bitcoin addresses has been sporadic this year, with most causing a stir and rising interest amongst the Bitcoin community. Whale movement and whale acquisitions also spiked up in October, as Bitcoin’s price saw its highest increase in 18 months.

In the latest record of whale transactions this year, on-chain data has shown that a set of dormant Bitcoin from 2017 has moved for the first time in six years. These transactions came from three addresses transferring a total of 6,500 BTC, worth approximately $230 million. 

An in-depth look into these addresses shows they received their assets on November 5, 2017, with no movement until now. At the time, Bitcoin was trading at around $7,400, putting the total value of the transaction at $48 million. BTC has grown substantially since then, with a unit now going for $35,230 at the time of writing.

Selling Pressure Incoming?

The timing of the acquisition and transfer of these BTC point to them being controlled by one entity. Uncertainty behind these transfers sometimes can threaten buyer confidence as it could indicate the whale expects a price drop and is securing profits. 

Alternatively, it could show they foresee further growth and are reorganizing for the next big rally. On-chain data points to the former, as the BTC is still held in private addresses, showing they are probably still in self-custody.

Whale transfers to cryptocurrency exchanges have increased over the past few days, which may jeopardize Bitcoin’s present bull market and price gain. However, whale purchases have surged during the same period, indicating a combination of buys and selloffs from bulls and bears.

One particular whale transfer that caught the eye of many traders is the movement of 2,905 BTC worth approximately $100 million dollars between two unknown wallets.

On the other hand, Bitcoin recently cleared the $35,000 resistance level, as bulls look to continue October’s Bitcoin gains in the new month. November has generally been a profitable month for Bitcoin and on-chain signals currently point to greed on the Bitcoin Fear & Greed Index. A continued break above the $35,000 mark could see BTC reach 2022’s order block at $45,000. 

Bitcoin price chart from Tradingview.com