Bitcoin (BTC) is on the brink of hitting $100,000, having crossed $99,000 earlier on Friday, and this surge is sparking increased interest in alternative cryptocurrencies, pushing the broader market forward.
Among the beneficiaries of this excitement is Cardano’s native cryptocurrency, ADA. The token has gained 10% in the past 24 hours, reaching 90 cents for the first time since May 2022, according to CoinDesk Indices data. This surge has lifted ADA by 22% this week, with a staggering 152% increase in the last month, pushing its market capitalization to $30.85 billion and cementing its place as the 10th-largest cryptocurrency. In comparison, the broader market, represented by the CoinDesk 20 Index (CD20), has seen a more modest 14% rise this week and 58% over the past month.
Much of ADA’s price rally can be attributed to significant accumulation by large investors, or “whales,” holding over $10 million in ADA. According to data from Tagus Capital, whale holdings have now surpassed $12 billion. This strong involvement of institutional and large retail investors is supported by on-chain data from analytics firm IntoTheBlock, which shows a 300% increase in large ADA transactions in just two weeks, signaling growing institutional interest.
The uptick in ADA’s activity may also be linked to speculative sentiment, with Cardano founder Charles Hoskinson hinting at potential collaborations with the incoming crypto-friendly Trump administration. This has further fueled bullish expectations around ADA’s future. The combination of heightened whale participation and institutional backing suggests that this rally may have significant staying power.
