Cardano (ADA) is currently witnessing a substantial surge in interest on cryptocurrency trading platforms. Investors are vigilantly observing the latest statistics, which indicate a notable uptick in network engagement and price fluctuations.
Following the announcement by US President Donald Trump on Tuesday that Cardano (ADA) along with four other prominent cryptocurrencies, including Bitcoin, will act as the backbone of the US Strategic Crypto Reserve, Cardano has become a hot topic of discussion.
Whales Display Interest Through Major Transactions
The Cardano ecosystem has experienced a ripple effect due to a surge in significant transactions. On March 4, the analytics service Santiment recorded 1,132 whale transactions, alongside 2,671 unique transactions exceeding $100,000.
The most substantial whale activity in the last three months transpired when ADA reached a peak of $1.13, prompting a significant entry of whales into the market.
Cardano’s brief, significant leap to $1.13 coincided with the highest whale activity in over 3 months. The sudden rise in $100K+ transfers triggered a decline in the average age of $ADA held in wallets, suggesting an increase in tokens returning to active circulation on the network. pic.twitter.com/bGliMmEesx
— Santiment (@santimentfeed) March 4, 2025
Cardano Price Momentum Gaining Traction
The cryptocurrency exhibits signs of consistent resilience. In the last 24 hours, ADA’s price has surged by 21%, oscillating between a low of $0.75 and a high of $0.94. Currently, ADA is trading at $0.9972, maintaining a robust 45% increase over the weekly timeframe.
The futures markets are bustling as well, with open interest rising by more than 6% in the past day, now totaling 905 million ADA, which equates to over $842 million.
Changing Regulatory Landscape For Cryptocurrency
Simultaneously, another motivating factor is the potential for regulatory advancements. Grayscale has received recognition from the US Securities and Exchange Commission (SEC) to register an exchange-traded fund (ETF) that complies with ADA regulations.
This recognition could bolster the prospects for mainstream investment, as Cardano finds itself on the shortlist of altcoins awaiting official response.
Progress Encourages Community Engagement
Cardano’s Founder, Charles Hoskinson, continues to explore new horizons with the platform. Recent initiatives include ambitious plans to monitor government expenditures and promote decentralized governance. The Plomin hard fork exemplifies the project’s dedication to pioneering blockchain innovations.
The outlook for Cardano remains cautiously optimistic among analysts. Although various speculations are being discussed on certain social media channels regarding the possibility of a $10 price tag, most observers suggest that individuals should keep realistic expectations. The cryptocurrency market is known for its volatility and continues to be unpredictable.
Cardano sets itself apart through its steady network improvements and maturing ecosystem. Recent data indicates an uptick in token circulation and renewed interest from investors. Many will be keeping an eye on the platform’s evolution to see if these favorable indicators will ultimately lead to lasting value.
Featured image from Market Realist, chart from TradingView