Cardano's market capitalization reached $34 billion as the activities of whales increased.

Cardano's native token ADA's smart contract platform has witnessed an unprecedented 41% growth this week, pushing the trading price to $0.08 on November 21. This has propelled Cardano's market capitalization to exceed $28 billion yesterday and nearly touch the $34 billion mark by the end of Friday. Cryptocurrency analysts such as Ali Martinez have emphasized the way ADA's price has risen as Cardano's trading volume has surged nearly 300% in the past two weeks, reaching $22.5 billion on November 21st. In the past 30 days, altcoins have witnessed a price increase of over 120% once again, while the cryptocurrency market is on the rise as Bitcoin has reached $93,000 last week and is now at the $100,000 mark today. The world's largest cryptocurrency, BTC, has surpassed $98,000 yesterday, November 21, with a market capitalization of $2 trillion. Onchain Santiment's analysis company explains the sudden increase in Cardano's market capitalization by emphasizing that this blockchain is separate from the altcoin group due to its surge towards an 8-month high. Santiment further emphasizes that the ADA price ratio is high compared to BTC because whale trading volume has caused its value to increase by 26%. All of this has benefited the Cardano Foundation from the rise of this altcoin as the non-profit organization has $478.24 million in assets, including tokens as of December last year. With 82.5% of it in ADA, 10.1% in Bitcoin, and the rest in equivalent cash, it's no surprise that the Foundation has profited from the ADA price increase. Due to Cardano's price surging nearly 297% in the past two weeks, the value of these assets has multiplied. The amount of ADA held by the Fund will be valued over 100% higher if they continue to hold. Cardano Foundation mainly earns money from staking rewards by delegating ADA tokens on the Cardano network. In 2023, they earned $20.9 million from 668.8 million ADA tokens with an additional ADA profit of 3.1%. At the time of publication on November 22, Cardano was trading at $0.9688, up 21.91% in the past 24 hours with a 103.26% increase in trading volume at $5.07 billion and a market capitalization of $33.99 billion.