“The only thing bearish about cryptocurrency is the current price action.” – that phrase perfectly describes Cardano’s current fundamentals related to its current price.
If you want to talk about supply and demand, then let’s look at the supply available to purchase. I have no idea how much ADA is available on all the exchanges, but I know that the percentage of the total ADA staked is over 71%, which leaves slightly less than 30% of the total unstaked.
And according to Coinbase ($COIN), Cardano is hodled longer than any other top 20 cryptocurrencies. I went through the top 100 and couldn’t find a single cryptocurrency that was held longer than Cardano. Bitcoin ($BTC.X) was the longest at 133 days, after Cardano at 156 days.
That brings us to demand. The number of Cardano wallets passed 3.5 million. There were 2.5 million ADA wallets in December 2021 and 3 million in February. One of the ugliest bear markets in crypto history failed to dissuade half a million new wallets from being created.
What’s the ‘bad’ data? The Vasil hard fork was delayed again. But for Cardano’s development team, this is par for the course. Few development teams are more strict and critical of their updates.
Finally, the development of Cardano’s network continues to expand. According to on-chain analytics giant, Santiment, Cardano was already the most developed and active blockchain in 2021 and is continuing that trend into 2022. 👍