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 trust in the project with massive ADA backlog
Cryptocurrency market 4.4% volume earlier today saw a slight decline. 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 savings
While several investors have expressed disappointment with ADA’s poor performance, those looking for a bullish turn are worried that the team behind the project has launched the Hydra Hard Fork. It is optimistic that it will record positive movements in the coming months. 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.
Remember these are ghost smart contract calls for our ghost chain. Millions and millions of ghost calls… pic.twitter.com/zJ3QCTROxL
— Charles Hoskinson (@IOHK_Charles) May 6, 2022
Whales increase ADA savings
Kriptokoin.com The savings spree continued earlier this week as Cardano addresses holding between 1 million and 10 million ADA have amassed 196 million ADA over the past five weeks. 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 186% in the last 30 days
Interestingly, the growth in the adoption of Cardano’s ADA amid price drops, continues to demonstrate investors’ confidence in the ninth largest cryptocurrency and the imminent rise that will unfold with the implementation of the Hydra upgrade on June 29, 2022.
