The digital asset industry has seen a number of tokens experience notable performance throughout 2023. However, one reddish star in central has made it a point to stand out – Cardano (ADA). According to data, it has seen a monumental $1.5 billion spate of large scale financial activity occurring within the last 24 hours, leading to an impressive 63% surge in its spot prices this December.
Large financial transactions, which typically surpass the combined sum of $100,000, are particularly attributed to driving general market positivity and voluminous trading – with $19.47 billion being denoted throughout the same duration. Additionally, the asset has grappled considerable success even with the so-called ‘negative outflow’, managing to firm 65% more since mid-November.
Notably, out of every ADA coin-holder, 57% of holders have gained in-the-black this crypto season in what could also be linked to noted fluctuations in the price. What’s more, about 65% have held on for more than 12 months.
One conclusion that be made is that the mild uptrend observed within recent times could set the stage for more profound momentum as the later parts of December ensues – creating a stronger bullish sentiment among market participants’ minds.
