ADA Balance Held by Cardano “Hodlers” Rises Above 10 Billion, Highest Since December 2019


ADA balance held by Cardano ”hodlers” has risen above 10 billion mark

InTheBlock Analytics reports that the ADA balance held by Cardano ‘hodlers’ passed the 10 billion mark, the highest since December 2019. Cardano saw favorable price action in the previous year, as ADA reached all-time highs of $3.10 in early September. However, the seventh largest cryptocurrency has steadily declined since then and lost almost 70% of its ATH at current prices.

The on-chain analytics data provider notes that despite the price slump, ”hodlers” referring to Cardano addresses that have held for more than a year have increased their holdings to 10.12 billion ADA, or $9.5 billion worth at the current exchange rate.

As U.Today previously reported, Cardano’s price climbed 10%, rebounding along with the broader crypto market.

Bitrue cryptocurrency exchange also revealed its big announcement of making ADA one of the base currencies.

From February 24, Cardano (ADA) will be available as a base currency for the conversion of FLUX, DGB, RSR, GAS, SNT, CTSI, BNT, LOOM and KNC, i.e. some of the most popular assets. popular for the Bitrue community. .

A positive signal is coming in for the ADA price, as on-chain analytics firm Santiment notes in its latest report that the ADA funding rate on Binance is currently negative. According to on-chain data analytics, the latest dip in the funding rate corresponded to the highest ratio of shorts recorded on Binance, when ADA rose to all-time highs of $3.10.

Although negative funding rates are a sign that the crowd is expecting lower prices, Santiment thinks they can have a positive connotation. Indeed, in most cases, short-lived sell-offs, or a “short squeeze”, can cause prices to rise. Therefore, negative funding rates could be a positive sign in the short term.


Read Previous

Canadian Regulator Alerts Police to Tweets by Coinbase and Kraken Advocating Non-Custodial Wallets

Read Next

Cardano Diamond Hands: Long-Term Holders Unfazed by Sell-Off

Leave a Reply

Your email address will not be published. Required fields are marked *

Right Menu Icon