ADA Volume Surges 79% as Whales Continue Their Secret Shopping Spree

Cardano ($ADA) is currently gaining increased market attention, because apparently even the most stubborn holdlers finally decided to check their portfolios. The sharp increase in this key metric comes amid a new rally in $ADA over the past week, and no, this isn't another false alarm from the Telegram trading groups.

Cardano volume surges to $678 million

Data from CoinMarketCap shows rising investor activity in Cardano, or as we like to call it, the blockchain that refuses to die. In the past 24 hours, the $ADA trading volume increased by 79.5% to over $678 million. Within this period, $ADA increased moderately by 6%, setting the price at $0.2579. On the weekly chart, $ADA also saw a rebound, with the price rallying more than 3.9%. This rally comes after a period of weakness and consolidation, when $ADA traded in a low range around $0.22, basically gathering dust while the rest of the market had its moment.

Usually, a spike in trading volume indicates rising investor interest. It means retail and institutional investors are willing to accumulate and invest in Cardano, possibly because they've run out of other alts to pump. Analysts interpret the higher volume, accompanied by the weekly price uptick as a potential sign of building momentum. More traders are entering and reentering their positions, probably checking if this time the chart actually looks different. A surge in volume lends more credibility, suggesting real buying pressure rather than just weak trading, though we'll believe it when we see the candles.

Note that the 79% spike in $ADA trading is a continuation of rising momentum observed earlier this week. On Tuesday, April 7, Cardano trading volume spiked nearly 80% amid a strong bullish price outlook, because apparently whales have a calendar and they all agreed on the same shopping day.

Growing Cardano whales

In addition to rising investor interest, Cardano whales have continued to increase their accumulation, because nothing says "I believe in the project" like buying millions of tokens while everyone else is doom-scrolling. Over the last four months, large investors holding 10 million $ADA or more have hit 424. This suggests bullish confidence in the asset despite recent crypto market volatility, or perhaps these whales just really like collecting digital stamps. These whales are likely taking advantage of the current low $ADA price to increase their portfolio, playing the long game while the rest of us panic sell at every red candle. Since $ADA bottomed on Feb. 5, the activities of whales have impacted the price outlook. Many market participants are optimistic that the growth of Cardano whales will impact the price positively in the long term, assuming history decides to rhyme for once.

Meanwhile, the crypto market has seen somewhat of a recovery recently, with Bitcoin ($BTC) and other assets moving, because the market has a sense of humor and decided to green out. The $BTC price is currently stabilized around $71,700, Ethereum (ETH) is positioned at $2,251, while XRP moved to $1.37. As a leading altcoin, Cardano often amplifies moves on the Bitcoin market, for better or worse. Thus, if this pattern repeats the cycle, $ADA could easily see its price hitting a new all-time high, but then again, we've all been burned by "could" before.