4 Positive Takeaways For Cardano So Far In 2023

Lavina Daryanani
Source: Crypto News

Weekend price movements have always played an important role in the crypto market. The directional bias established usually sets the tune and helps in determining the outlook for the entire week that succeeds. Week 1 of 2023 remained quite monotonous. Now, the market is on the verge of stepping into its first full-fledged weekend and things seemed to be quite interesting for Cardano at press time.

On Friday, hardly 9 assets out of the top 100 were trading in green. ADA was one among them. The token’s 2.1% incline made it the fourth-largest gainer of the day.

Source: CMC

ADA Accumulation Is On

In the last two months of 2022, addresses holding between 1 million to 100 million Cardano tokens were on a dumping spree. As shown below, they collectively let go of 568.4 million tokens in the said period.

However, their outlook has changed in 2023. Data from on-chain analytics firm Santiment revealed that these addresses have added back more than 217.2 million tokens since New Year.

The asset’s price rose by 8% over the past two days. Additionally, it is up by 11% against the price of Bitcoin over the past week. Thus, ADA’s northward strides made on the charts could be attributed to the ongoing accumulation spree. If the said behavior continues, then some weekend action can be expected from the 8th largest crypto.

Source: Santiment

Also Read – This NFT Collection sold for 90,000 ADA: Here’s Why

Cardano Ecosystem Continues To Grow

On the fundamental front, Cardano has been putting up a positive display. The ecosystem continues to expand at a “remarkable rate.” At the moment, around 1151 projects are being built on the blockchain. The said projects range from DEXes, wallets, and identity solutions, to NFTs, marketplaces, and cellular and broadband connectivity.

Furthermore, the aggregate value of funds locked on the platform also initiated a recovery in 2023. As shown below, the incline from 1 January’s $48.9 million to the current $55.2 million has already managed to negate the amount lost during the last few days of 2022. Thus, capital inflows are yet another positive takeaway for Cardano this year.

Source: DeFiLlama

Also Read – Bitcoin, Ethereum, XRP, Cardano: Which Crypto Ranks No.1 in 2022?