Cardano Reaches New Milestone: Can It Keep Going?

Paigambar Mohan Raj
Source: DataDrivenInvestor

As per the latest research by IntoTheBlock, the prominent analytics firms, Cardano (ADA) holders continue to rise to new heights. According to IntoTheBlock, Cardano holders have reached a new all-time high (ATH).

According to the data, there are currently 5.1 million Cardano (ADA) holders. This is a 48.8% rise YTD (year-to-date).

Source: IntoTheBlock

In the previous week, Watcher Guru had released an article highlighting the fact that Cardano and Dogecoin were the only two projects in the top 30 that were registering gains. While DOGE was on the rise due to Elon Musk’s acquisition of almost 10% of Twitter, Cardano on the other hand was rising on purely organic traffic. Musk’s support has often helped Doge climb the charts, while Cardano doesn’t have big names to advertise and support the project in that regard. It is mostly the community and word of mouth that have kept it pushing forward.

Additionally, the transaction volume has also been on a steady incline since the middle of February. This further highlights the renewed interest in Cardano.

Source: IntoTheBlock

In addition, the number of long-term HODLers (those who HODL for more than a year) and mid-term HODLers (those who HODL for 1 to 12 months) has also risen.

Cardano has previously managed to defy the broader market trend and stage its rallies. Cardano managed to surprise market players in the months leading up to the Alonzo hard fork in July-September in the recent past.

Even while the current situation of the metrics suggests a protracted upswing, nothing can be said with certainty because ADA’s fate is currently intertwined with Bitcoin’s.

At the time of publication, Cardano (ADA) was trading at $1.12. The project is 8% down on the 24-hour chart, 6.3% down on the 7-day chart, but 35% up on the 30-day chart. Cardano is still a long way down from its all-time high of $3.09, which it attained in September of 2021, during the bull run of last year.