Among the top digital assets on the market has once again shown its resilience, as Cardano (ADA) is up 65% since a large-scale investor outflow event. Indeed, crypto analysis firm Santiment reported that the asset has still managed to grow despite the negative development that occurred in November.
The digital asset is currently firmly entrenched in the top 10 digital assets according to CoinMarketCap. Indeed, it is situated as the eighth highest, just ahead of Avalanche (AVAX), and just below, USDC. Conversely, the assets increase since the November event has shown its continued potential.
Also Read: Cardano (ADA) Price Prediction: Mid-December 2023
Cardano 65% Increase Displays Its Resilience
For much of this year, the digital asset industry has experienced quite a resurgence. Indeed, the market as a whole has bounced back since the 2022 crypto winter set off by the collapse of FTX. Now, amid Bitcoin hype in the mainstream financial sector, a host of cryptocurrencies are seeing rather optimistic developments.
Among those is none other than Cardano (ADA) which has seen a 65% jump since an investor outflow event that took place in November. Specifically, Santiment noted that the asset has not only bounced back from the negative development, it has also seen its price increase.
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Also Read: Cardano ADA Forecasted to Reach $2: Here’s When
On November 17th, Santiment stated that Cardano lost 98.1% of whales that had maintained 1-10 ADA coins. Moreover, this led to the loss of around 34,900 wallets that were holding the digital asset. The analysis further noted the development as a sign of capitulation. However, since then, the asset has seen a massive surge in value.
From the start of December, Cardano has seemingly increased its market value by a miraculous 70%. Subsequently, fellow crypto analyst Ali Martinez states his belief that ADA could eventually surge to a trading price of $0.75 by the start of 2024. Currently, the asset is trading at $0.57 and is up more than 8% over the last 24 hours.