New Milestone for Cardano (ADA) as Old Wallets Start Moving
Data from market intelligence firm Santiment reveals that Cardano (ADA), a competitor of Ethereum (ETH), has achieved a significant milestone. According to Santiment, long-time ADA holders have recently begun moving the largest amount of tokens in over a year. Additionally, deep-pocketed Cardano holders have accumulated nearly 44 million ADA tokens, equivalent to approximately $12.67 million, in just two weeks.
Santiment states that this surge in activity suggests that more ADA coins are moving back into circulation. The firm also highlights the accumulation of ADA wallets containing 100,000 to 10,000,000 tokens.
Positive Momentum for Ethereum (ETH)
Santiment’s analysis also indicates positive momentum for Ethereum. The firm observes a decline in ETH supply held on crypto exchanges as its price rises, suggesting increased investor confidence and a tendency to hold the asset. Social dominance, which measures the percentage of discussion about a crypto asset on social media platforms, is also increasing for ETH.
This growth in social dominance indicates rising excitement among traders regarding Ethereum’s performance.
Current Prices
At the time of writing, Cardano is trading at $0.29, while Ethereum is valued at $1,809.
Hot Take: ADA and ETH Show Promising Signs
The recent milestone achieved by Cardano and the positive indicators for Ethereum suggest promising developments for both cryptocurrencies. The movement of old wallets and increased accumulation of ADA tokens indicate renewed interest and activity in the Cardano network. Similarly, the decline in ETH supply on exchanges and growing social dominance highlight Ethereum’s strengthening position in the market. These trends may lead to further growth and excitement surrounding both ADA and ETH.
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