Altcoin investors are expecting a spike in ADA price despite its recent poor performance. Future upgrades after Mary and Alonzo are among factors fueling investor confidence…
Altcoin investors reiterate their confidence in the project with massive ADA backlog
The cryptocurrency market has suffered a slight drop earlier today seeing it shed 4.4% in volume . Alongside stablecoins, top 10 cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH) dropped some of their percentage as investors were forced to panic sell.
ADA price analysis
Cardano (ADA) had an unexpected drop for investors. ADA, which rose to $ 0.90 in the last 24 hours, fell 7.9% again below $ 0.80. At the time of writing, Cardano is currently trading around $0.78, which represents a 32.1% drop over the past seven days.
Similarly, ADA dropped 46.3% from its ATH level of $3.09 recorded last year. It has been struggling to get $2 back since November 17, 2021 and its price is still under $1.
Altcoin investors show confidence through massive backlog
While several investors expressed disappointment with ADA’s poor performance, bullish spectators said the team behind the project will record positive moves in the months after launching the Hydra Hard Fork. optimistic. The prospects have prompted many investors to continue hoarding the cryptocurrency, especially during price drops. As reported, over 750,000 Cardano addresses purchased a total of 37.4 billion ADA when the ADA price fell below $1.
Whales increase ADA savings
Cryptokoin.com The savings spree continued earlier this week as Cardano addresses holding between 1 million and 10 million ADA have amassed 196 million ADA in the past five weeks, as we covered in their analysis. The 9th largest cryptocurrency recently hit such low prices in February 2021:
Cardano whale addresses holding $1 million to $10 million ADA, after a 7-month period of decline (Santiment analysts reported). -$1.7 million less ADA) has been accumulating bags over the past 5 weeks ($196 million more).
In a similar development, individual interest in Cardano has increased by 186% in the last 30 days
Interestingly, the growth in the adoption of Cardano’s ADA amid price drops has led investors to the ninth largest cryptocurrency. continues to demonstrate his confidence in his unit and the imminent rise that will unfold with the implementation of the Hydra upgrade on June 29, 2022.