Retail investors are actively investing in ADA, according to on-chain data
The Cardano (ADA) network reported a massive increase in the number of retail traders reflected in the wallet balances of short-term holders. According to on-chain data provided by Glassnode, the number of balances holding the asset for 30 days or less increased by 186%.
Data suggest that short-term traders are holding 36% of the cryptocurrency supply. Such a strong increase in short-term interest could be tied to both the market and fundamental conditions in which Cardano currently sits.
The cryptocurrency market feels relieved
Following the Fed’s 50 basis point rate hike yesterday, much of the cryptocurrency market felt relief, leading to an extremely short rally in the market, with some assets gaining as much as 40 % in a daily candle.
Cardano also benefited from the relief on the market and gained 17% to its value, bringing hope to some long-term investors. The spike in the price may have attracted numerous retail investors that were looking for an entry into digital assets.
Cardano continues to grow fundamentally
The massive and rich development process follows Cardano’s path in the cryptocurrency market behind the scenes. It wasn’t until early April that the Cardano network reported $300 million in funds locked in various decentralized platforms and smart contracts.
As for now, Cardano awaits the delivery of various decentralized solutions and projects like the Djed stablecoin, which should become a bridge between fiat assets and Cardano’s underlying coin.
At press time, ADA is trading at $0.7 and has lost all the traction it had only a day ago. Total loss for ADA from ATH now remains at around 78%.
