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▲ Cardano (ADA) ©
Cardano (ADA) recorded the highest growth rate among the top 100 cryptocurrencies by market capitalization last week, driven by massive whale accumulation and network upgrades.
According to crypto media outlet Finbold on August 3 (local time), Cardano rose from $0.1646 on July 27 to approximately $0.1836 on that day, marking an 11.52% increase over the past 7 days. The weekly candle closed near the resistance level formed over the past two months.
ADA's market capitalization increased by $693 million during the same period, from $6.007 billion to approximately $6.7 billion. However, its price has fallen by about 1.44% in the last 24 hours, and its trading volume exceeded $544.9 million.
Among the top 100 cryptocurrencies by market capitalization, Monero (XMR) rose by 4.04% over the past week, Uniswap (UNI) by 3.86%, and BNB by 2.05%. Cardano significantly outperformed these assets, recording the best weekly performance.
The key driving force behind the rally was large whale purchases. According to Santiment, wallets holding 100 million to 1 billion ADA purchased over 240 million ADA, worth $44.06 million, over the past week. These investors collectively hold over 14.3 billion ADA, controlling 39.18% of the circulating supply.
The increase in whale demand emerged after the Van Rossom hard fork on July 18. This upgrade, the first implemented through on-chain governance on Cardano, reduced smart contract execution costs and added new Plutus functionalities. It is also considered a key step towards the Voltaire governance era, supporting ADA's upward momentum along with demand from large investors.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*
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