Cardano's Price Soars as Large Whales Fuel Demand
Cardano (ADA) emerged as the top-performing top-100 cryptocurrency last week, surpassing other notable coins in the market. According to data from CoinMarketCap, ADA added over $690 million in its market capitalization, with a price surge of 11.52% over seven days.
The price increase was driven by rising demand from large whales, who purchased over 240 million ADA valued at $44.06 million at the time of reporting. This group holds more than 14.3 billion ADA, controlling 39.18% of the altcoin's circulating supply.
The recent network upgrade, dubbed van Rossem or the Van Rossem hard fork, also contributed to the bullish momentum. The update reduced smart-contract execution costs and added new Plutus functions, marking a key step in the Voltaire governance era.