The volatility in the crypto market is at an all-time high amid the bombardment of news. Lately, a massive wave of geopolitical events hit the market while the hype with Bitcoin was strong. Subsequently, we are faced with brutal short squeezes and bull traps happening regularly soon after one another. Generally speaking, we are in a bear market when spot trading and hodling continues to disappoint. Meanwhile, the latest data shows that despite all the fluctuations, Cardano (ADA) and Chainlink (LINK) holders are the most loyal holders out there. Of course, this is indicative of a highly optimistic outlook for the future of these two cryptocurrencies.
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Cardano (ADA) Leads the Pack
The top crypto analytic firm IntoTheBlock says that Cardano (ADA) and Chainlink (LINK) holders are not selling their assets despite the recent crash. In that sense, these two coins have the most loyal investor base.
For the most part, Cardano (ADA) has been hit hard by the latest bear market. Currently, ADA is down almost 74% from its ATH at $3.09. But this isn’t enough to discourage holders. ADA reached the record high in September 2021 but has since been bearish.
“Regardless of the price action, Cardano’s holders remain strong. The balance held by HODLERS – addresses holding >1 year, is at a multi-year high. These HOLDERS increased their positions to 10.12 [billion] ADA, the largest balance since December 11, 2019.”
Frankly, Cardano (ADA) has been a bit disappointing despite the strong fundamentals. The smart contracts platform hasn’t seen a significant rally since late 2021 and has lost quite a lot of market cap.
At this point, ADA is trading below $1 at $0.84 which is almost 19% down in one week. The tragic part however, is that Cardano (ADA) is currently the 7TH in the ranks with a market cap of over $30 billion. Recently, it managed to stand above the troubled Solana.
In any case, the majority of Cardano holders are underwater based on recent data. Despite all the hype, the Cardano investors seem to hold faith in Charles Hoskinson and the platform. Essentially, Cardano is like the class nerd who always comes out on top of any test. Lately, we reported on the most energy efficient networks and Cardano was one of the top blockchains.
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