A key part of a much larger Cardano (ADA) rally, there has been a massive $1.5 billion surge in whale transactions. Indeed, these large transactions have been a key part of increasing the overall positivity surrounding the asset. Subsequently, it has aligned with a 63% price increase throughout December.
Specifically, IntoTheBlock reported the large-scale transactions boost that occurred over the last 24 hours alone. Moreover, these kinds of transactions are traditionally those in which their cumulative value exceeds $100,000. Ultimately, this has driven up volume to reach a notable $19.47 billion.
Cardano Has Large Transactions Surge Amid 63% December Increase
Throughout 2023, the digital asset sector has seen a host of tokens note positive performance. Perhaps due to the overarching crypto spring on the horizon, Bitcoin has led the charge. However, one digital asset has surprised the market with its positive turn.
Indeed, Cardano (ADA) has observed a massive $1.5 billion surge in whale transactions over the last 24 hours alone. Moreover, that development has coincided with an impressive 63% increase in December. Just last month, a negative outflow event was not enough to hold the asset down, as it was up a remarkable 65% since the middle of November.
The data also shows that around 57% of Cardano holders are currently profiting off of their holdings. Subsequently, that is likely a direct result of the immensely positive performance that has taken place over the last month. Additionally, data shows that an impressive 65% of holders have maintained their ADA for more than a year.
Conversely, an increase in large transactions is directly tied to the positive price movement. Ultimately, the token is facing an increasingly bullish sentiment as the December month nears the midway point. How it fares the rest of the way, and into 2024, could set the stage for massive price movements, one way or the other.