According to the latest research by IntoTheBlock, a leading analytics firm Cardano (ADA) Its holders continue to reach new heights. IntoTheBlock datasshows that Cardano traders have reached an all-time high (ATH).
The platform has recently thrown a in the tweet ADA describes the increase in investors as follows:
“ADA holders are on the rise. The number of Cardano investors – the number of addresses with balances, recently hit a new ATH. According to the data, there are currently 5.09 (currently 5.1) million addresses holding ADA, which represents a massive 48.8 percent increase in YTD.”
Last week, there were many articles in the headlines highlighting the fact that ADA and Dogecoin are the only two projects to make a profit in the top 30. DOGE rose with Elon Musk’s acquisition of about 10 percent of Twitter, while Cardano rose thanks to purely organic traffic.
While Musk support usually helps Doge climb the charts, there are not many big names behind the ADA token to promote and support the project in this regard. According to market experts, word-of-mouth news mostly about the community of the project and the developments that are taking the project forward
In addition to challenging the market for the past week, the platform’s trading volume has also been steadily increasing since mid-February. This further highlights the interest in the ADA.
Also, the number of long-term HODLers (who invest in altcoin for more than a year) and medium-term HODLers (who invest in altcoin for 1 to 12 months) has also increased on Cardano.
Cardano is known to have managed to defy the trend and rallies in the broad market before. For example, the altcoin project managed to experience huge rises in the recent July-September period, surprising market players in the process leading up to its Alonzohard-fork.
While the current state of the project’s metrics indicates a prolonged upward trend, one cannot definitively comment as the fate of ADA seems to be tied to that of Bitcoin at the moment.
At the time of writing, Cardano (ADA) is trading at $1.10. While the project is trading at a decline of 8 percent on the 24-hour chart and 7 percent on the 7-day chart; According to the last 30-day chart, it has increased by more than 33 percent. Cardano is still a long way off from its all-time high of $3.09, which it reached in September of 2021, during last year’s bull run.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.