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Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

  • Cardano's ADA hit the highest level since May 2022.

  • On-chain activity shows large traders are participating in the price rally.

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

Amid the excitement, proof-of-stake smart-contract blockchain Cardano's native cryptocurrency ada (ADA) is having its moment. The token has surged 10% in the past 24 hours, trading at 90 cents early Friday on Coinbase and other exchanges. That's the highest price since May 2022, according to CoinDesk Indices data.

The price has risen 22% this week, taking the month-to-date gain to 152%. That has raised the token's market capitalization to $30.85 billion, making it the world's 10th-largest digital asset. In contrast, the CoinDesk 20 Index (CD20), a measure of the broader crypto market, has advanced 14% this week and 58% this month.

ADA's rally is accompanied by continued accumulation from whales, hefty crypto addresses with more than $10 million in the token. According to Tagus Capital, whales now hold over $12 billion in ADA.

On-chain activity confirms the involvement of whales and institutions, indicating that this rally could have staying power. Data from analytics firm IntoTheBlock shows the number of large transactions involving ADA has skyrocketed by 300% in two weeks.

It's a sign of "heightened interest from institutional investors," Tagus Capital said in a daily newsletter, noting the spike in large transactions. "Some of this momentum is sentiment-driven, as previously noted, with Cardano's founder, Charles Hoskinson, hinting at potential collaborations with the Trump administration for crypto-friendly policies."

Author

CoinDesk Analysis Team

CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.

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