This belief is supported by the fact that whales and sharks holding more than 100k to 10 million ADA have accumulated the token over the past six weeks. Despite this accumulation, the price of ADA has not yet reflected this trend.
CoinMarketCap shows a 4.81% drop in price over the last 24 hours, with the current price at $0.2513. The altcoin also saw a high of $0.265 and a low of $0.2512 during this period and is down about 0.38% over the last week.
ADA's Performance Against
In addition to its price drop, ADA has also weakened against both Bitcoin (BTC) and Ethereum (ETH) by about 3.53% and 2.68%, respectively, over the last day. However, ADA's 24-hour trading volume is currently in the green zone at $206,813,530, representing a more than 50% increase since the previous day.
ADA's Market Position
With a market cap of $8,669,289,653, ADA has currently ranked the 9th largest cryptocurrency in market capitalization. This places it just behind Dogecoin (DOGE) in 8th place and ahead of Polygon (MATIC) in 10th place on the list of the biggest cryptos in the market.
ADA's Potential for Growth
Despite its current market position and recent performance, there is still potential for growth for ADA. The accumulation of whales and sharks suggests that these key players believe in the long-term value of the token. In addition, the increase in trading volume over the last day indicates that there is still interest in ADA from a wider range of investors.
It is worth noting that the cryptocurrency market is highly volatile, and the value of any individual coin can fluctuate significantly over short periods. This means that it is important for investors to carefully consider their risk tolerance and investment strategies before making any decisions.
ADA's Role in the Cryptocurrency Market
ADA is a decentralized platform that utilizes blockchain technology to enable secure and transparent transactions. It is designed to be scalable and flexible, focusing on delivering fast and cheap transactions. This makes it a potentially appealing choice for individuals and businesses looking to use cryptocurrency for various purposes, including payments, smart contracts, and more.
The Santiment team's observations about ADA's potential undervaluation and the accumulation by whales and sharks are just one factor to consider when evaluating the potential of this cryptocurrency. As with any investment, it is important to conduct thorough research and consider multiple sources of information before making a decision.