While Bitcoin continues to move sideways within a certain range, the established altcoin Cardano has stood out as the best-performing cryptocurrency among the top 100 crypto assets by market
While Bitcoin continues to move sideways within a certain range, the established altcoin Cardano has stood out as the best-performing cryptocurrency among the top 100 crypto assets by market capitalization, achieving an impressive weekly gain of 25%.
ADA has become one of the standout altcoins in the market in recent days, with its price reaching $0.195 for the first time since July 4th.
Analyzing this situation, the cryptocurrency analysis platform Santiment stated that despite the rise in price and market capitalization, on-chain data reveals a remarkable picture in investor behavior.
According to Santiment data, the number of wallets with a non-zero balance on the Cardano network has decreased by 7,070 compared to two months ago. This indicates that individual investors have not yet made a strong comeback to the market while the price is rising.
In this context, Santiment analysts assessed that despite the price increase, the decrease in the number of active investors indicates that larger investors or institutional buyers are absorbing the selling pressure in the market and supporting the rise. It is noted that retail investor interest has not yet fully followed the current rally. In other words, retail investors are still unaware of the rise in ADA.
Santiment added that Cardano’s rise was also supported by technical advancements. Accordingly, while Leios testnet work continues on the Cardano network, progress has been made on the Hydra scaling solution. Furthermore, Mithril upgrades, Pyth Network integration, and a new funding round under Project Catalyst are also said to have contributed to the ecosystem’s growth.
*This is not investment advice.
Continue Reading: Santiment Reveals: A Quiet Rally is Happening in This Altcoin, But Retail Investors Are Still Unaware!
