Cardano: Everything you need to know about ADA’s recent tussle with bears
Cardano [ADA] found itself in familiar territory as strange occurrences filled the crypto market in the last six to twelve hours. Barely able to produce gains for investors for quite some time, ADA joined the all-inclusive market crash as it shed 4.18% in the last 24 hours.
Read Cardano’s [ADA] Price Prediction 2023-2024
However, languishing in the red region is not obscure to ADA despite being ranked higher in terms of market capitalization. Details from CoinMarketCap showed that it has been one of the worst-performing assets out of the top ten. As a result, it left investors to battle with a 23.12% 30-day decline.
Surely, the token dump cannot exempt itself from the recent Bitcoin [BTC] loss of the $20,000 stronghold. But a couple of things happening on the Cardano chain have also contributed to the month-long fall.
An irrefutable observation is the trend consistently displayed by its long-term holders. According to Santiment , the ADA 90-day dormant circulation has hit a series of highs since 1 February.
This metric shows the number of unique transactions on a given day made by investors who have refused to move their assets over a long period of time.
At press time, the dormant circulation was 2.84 million. But before the drop, the metric hit 295.8 million on 9 March. So, this implied that ADA investors were opting for mid-term sell-offs as a possible means to survive the current unfavorable conditions.
Source: Santiment
On the other hand, the realized market capitalization HODL wave reached a one-month high as shown by the chart above. At 1.776, it means that investors were not ready to pay higher prices for ADA, and the token was becoming less appealing.
Although Cardano’s trading volume surpassed the
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