Cardano Sees 170% Increase in Long-Term Holders

Cardano (ADA) Sees 170% Increase in Long-Term Holders

On-chain data reveals that the number of Cardano (ADA) long-term holders has grown significantly in the past year, experiencing a 170% increase. This information comes from market intelligence platform IntoTheBlock, which analyzed the long-term holders (LTHs) of various cryptocurrencies. LTHs are investors who have held their coins for at least one year and tend to be more committed to holding rather than selling, even during market uncertainty or profit opportunities.

Main Breakdown:

Bitcoin (BTC) currently has 33.6 million LTH addresses, showing a 17.6% increase in the past year.
Ethereum (ETH) has over 73.9 million LTHs, more than double BTC, with a growth rate of 44.2%.
Litecoin (LTC) has experienced 100% growth in LTHs, although it has a smaller total number of 4.9 million compared to BTC and ETH.
Cardano (ADA) has seen LTHs rise by over 170%, reaching a total count of 2.65 million.
Chainlink (LINK) is the only cryptocurrency in the list that has seen a decrease in LTHs, with a decline of about 3%.

These increases in LTHs for Cardano and Litecoin are positive indicators for their prices, as it suggests a growing trend among investors to hold onto their tokens for longer periods. However, Cardano’s price has already fallen to $0.26 after failing to sustain its gains from the recent rally.

Hot Take:

The significant increase in Cardano’s long-term holders demonstrates growing confidence and commitment among investors in the cryptocurrency. This rise in LTHs could potentially have a positive impact on ADA’s price in the long run, but it remains to be seen how it will perform in the volatile crypto market.