Cardano (ADA) Becoming Independent Asset, Shows On-Chain Data
Cardano (ADA) displays signs of independence from the broader market. This decoupling from major cryptocurrencies like Bitcoin and Ethereum highlights the growing strength of Cardano as an individual asset. With a unique price trajectory and an uptrend that has persisted for more than a month, ADA has shown a remarkable ability to rise even as broader market trends subside. In the last two days alone, Cardano has experienced an 11% increase in its price, further solidifying its status as a standout asset in the crypto market. This decoupling is noteworthy, as it indicates a maturation of the Cardano ecosystem, with investors placing their confidence in the project’s long-term potential and utility. Recent data suggests that Cardano’s decoupling is not just a fleeting occurrence. Over the past five months, addresses holding 10,000 or more ADA have collectively accumulated 1.03 billion coins, representing a 3.3% increase in holdings.
🐳📈 #Cardano has been showing some mild decoupling signs this week, and the #7 market cap asset is +8.2% in the past 24 hours. Addresses holding 10,000 or more $ADA have collectively accumulated 1.03B (3.3% more coins) in the past 5 months. https://t.co/7p6fOuzvG5 pic.twitter.com/TJGVwYujJn— Santiment (@santimentfeed) March 29, 2023
Furthermore, Cardano’s consistent uptrend over the past month indicates strong bullish sentiment among investors. This can be seen as a validation of the project’s long-term vision and an endorsement of its ability to deliver on its promises. As Cardano continues to innovate and expand its ecosystem, it is likely that its decoupling from the broader market will become more pronounced, making the cryptocurrency another strong asset that can be used for diversification. However, it is clear that Cardano currently faces fierce competition from projects like Ethereum or even Solana that offer more convenient ways of entering the decentralized finance field for both users and blockchain developers. At press time, Cardano is changing hands at $0.3, the highest value we have seen in a month.