In 2022, Cardano has been witnessing greater institutional demand, as shown by the fact that the amount of on-chain transactions above $100,000 has surged by more than fifty times so far this year, according to data published on March 29 by on-chain analytics platform IntoTheBlock. In particular, the platform highlighted that on March 28, a little more than 69 billion ADA were transferred, accounting for 99% of the overall on-chain volume.
Cardano showing bullish momentum
The latest data from Finbold shows that Cardano’s price climbs before hard forks, which may have spurred many cryptocurrency traders to speculate on whether ADA would see another significant rally before its Vasil hard fork in June 2022, fueling its recent price surge. As of March 30, the largest Proof-of-Stake (PoS) asset, Cardano, has a total market capitalization of $40.3 billion. Notably, Cardano’s market capitalization has seen an increase of more than $8 billion in only seven days. Currently, ADA is trading at $1.19, down 1.47% on the day but up an enormous 23.72% in the last week. Preceding the change in attitude toward Cardano, the cryptocurrency had been creating its seventh consecutive monthly red candle, until a surge in the number of investors buying Cardano caused the market to adjust its perspective. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
