Is Cardano A Sleeping Giant?

“The only thing bearish about cryptocurrency is the current price action.” – that phrase perfectly describes Cardano’s current fundamentals related to its current price. 

From a fundamental perspective, there are practically zero bearish conditions for Cardano. Cardano has never been hacked, interrupted, or shut down – unlike Ethereum ($ETH.X) or Solana ($SOL.X). 

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. 👍

Learn More About...

More in   Crypto

View All

Crypto News In Three Sentences – March 1, 2024

👀 Bitcoin ETFs Fly High Without Vanguard: The SEC’s nod to Bitcoin ETFs brings a seismic shift, yet giants like Vanguard ($VOO) stay on the bench, watching millions flow into these new funds. Despite Vanguard CEO Tim Buckley bowing out amid whispers of regret of not joining everyone else at the BTC ETF party, considering most of Vanguard AUM grew under Buckley, the no BTC ETF probably isn’t why. Probably. Maybe. From DailyCoin

🏦 Wells Fargo and BoA Embrace Crypto Craze: Speaking of Bitcoin ETF acceptance, Wells Fargo ($WFC) and Bank of America ($BAC) take the crypto plunge, offering Bitcoin ETFs to their daring clients. They join a financial frenzy alongside Schwab and Robinhood, contrasting Vanguard’s skeptical stance. Hey, maybe Wells Fargo will open crypto accounts for people who never asked them to? More from Cryptopolitan

Read It

Bitcoin in March: A Data Dive into Historical Performances

Here are some interesting stats on how Bitcoin performed historically in March. 📚

Bitcoin closed March in the green four times versus eight times in the red.
In the green months, Bitcoin showed off with an average percentage gain of +48.91%.
On the downside, the average percentage loss during the red months was -15.62%.

Read It