On Tuesday, Cardano (ADA) rose over 25% to tap $0.68, becoming the biggest gainer in the top-20 coins ranking based on data from CoinMarketCap.
ADA is the native token for Cardano, a proof of stake layer-1 blockchain, and is termed an “Ethereum killer” for its stiff competition against Ethereum. ADA also managed to take out Ripple’s XRP, becoming the sixth-largest cryptocurrency with a market cap of $20.5B. The coin’s trading volume also shot up 275% from the previous day to sit at just around $2.4B.
What Is Driving ADA’s Growth?
Technically, ADA’s sprint on Tuesday was justified on various fronts. First, the coin’s daily and weekly Relative Strength Indicators have been in the oversold region for over a week now. Investors interpreted this as an opportunity to accumulate.
As ZyCrypto reported, whales have been adding to their stash around the $0.40 area in record numbers with the amount of new ADA wallets surging remarkably. It is also important to note that the $0.40 area had been...
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