Despite an unusual constellation of global risks rippling through markets, Cardano continues to exude strength, with some of its latest advances building a strong case for the cryptocurrency having a blast later this year.
At press time, ADA is trading at $0.87, up 15.12% in the past 24 hours, especially after news that Bitrue, a Digital asset management platform was making ADA a base currency. The cryptocurrency’s market valuation has also surged 6.41% to sit at $30 billion.
However, the cryptocurrency is still down 65% from its all-time high of $3.10 after a long week of geopolitical headwinds that saw markets tumble, throwing traders into the deep end.
However, despite facing setbacks, one of the most glaring issues has been the fact that ADA has become relatively less volatile, maintaining calm movements, albeit in the negative. This factor has been attributed to a range of fundamental factors, most of which point to growing investor confidence and/or FOMO.
According to data from IntoTheBlock, Cardano’s holders seem to remain unshaken despite the markets meltdown. Addresses holding the cryptocurrency for more than one year have hit a multi-year high with these HOLDERS increasing their positions to 10.12b ADA.
This has been the largest balance since December 11, 2019, and just shows how determined ADA investors are to keep their coins, despite a good number of them being in the red.
ZyCrypto has also reported an increase in Cardano shark addresses. In the past 5 weeks, addresses holding 10,000 to 100,000 ADA have added 6% of the overall ADA supply to their stash.
Santiment crypto screener has also shown that ADA is particularly oversold, a sign that historically precedes a price surge. This signal coincides with data showing that ADA’s funding rates in Exchanges such as Binance are negative. While this sounds a little off the script, it has a positive undertone as short liquidations are seen as catalysts for price rebounding.
As ZyCrypto reported, ADA has also recorded a meteoric surge in daily trading volume, surpassing Bitcoin and Ethereum for the second time thanks to strong network growth through additions such as Sundaeswap and DApps.The number of ADA wallets also recently hit 3 million, up 200% from December 2021.
That said, some experts believe that most top crypto assets are currently oversold, particularly predicting that Cardano could triple its current value before year-end.