Cardano (ADA) Ranks 1st in Major Cryptocurrency Weekly Gains... Overtakes Bitcoin (BTC) Thanks to Whales

▲ Cardano (ADA), Cryptocurrency Whale/AI Generated Image

Cardano (ADA) surged by 10.98% in a week, ranking first among major cryptocurrencies in terms of gain rate.

According to crypto media outlet Benzinga on August 3 (local time), Cardano recorded the highest weekly gain rate among cryptocurrencies with a market capitalization of over $1 billion. Rising to its highest level in about a month, it significantly outpaced the returns of Bitcoin (BTC) and Dogecoin (DOGE).

During the same period, Bitcoin only rose by 0.56%, and BNB by 1.22%. Dogecoin plummeted by 9.86%. Amid mixed fluctuations among major cryptocurrencies, Cardano's double-digit surge stood out.

Crypto analyst Ali Martinez pointed to aggressive accumulation by whale investors as the reason behind the surge. According to Santiment data released by Martinez, whale holdings began to increase on July 29, peaking at 14.55 billion ADA on July 31.

Technical indicators showed mixed signals. TradingView data indicated a buy signal for Cardano from the Moving Average Convergence Divergence (MACD) index. In contrast, the Commodity Channel Index (CCI), which measures the difference between the current price and its historical average, issued a sell signal.

Speculative interest in the derivatives market also rapidly increased. According to Coinglass data, Cardano futures open interest surged by 26% in a week, reaching $500 million. However, as Cardano has fallen by 44% this year, whether whale accumulation and the increase in open interest will lead to a mid-to-long-term recovery remains a key point to watch.

[Article Key Summary]

-Cardano rose by 10.98% in a week, ranking first among major cryptocurrencies in weekly gains.

-Whale investors' Cardano holdings increased to 14.55 billion ADA on July 31.

-Cardano futures open interest surged by 26% in a week, reaching $500 million.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*