Cardano Is The Most Widely Held Cryptocurrency In Bear Market

Cardano (ADA) saw a significant boost in value on June 8, rising by as much as 8% in the preceding 24 hours, as investors continue to show interest in the asset as the cryptocurrency market shows indications of improvement.

This interest has been highlighted in a variety of ways, the most recent of which was when the asset came out on top in a recent survey headlined ‘which crypto are you holding the most in a bad market?’

Cardano was undoubtedly the most popular cryptocurrency to retain during a down market, according to a poll held by London Real on Twitter on June 7: out of 8,861 votes, 77% of voters chose ADA.

Notably, there was a large disparity between the percentage of respondents who claimed they held Bitcoin (11%), Ethereum (5%), and ‘other’ (7%), which were the only available possibilities.

Gains and advances in the Cardano ecosystem

Cardano led the market as the greatest gainer among the top 100 cryptocurrencies by market capitalization earlier this week, climbing more than 13% on June 3.

Cardano’s re-allocation velocity was higher than any other chain, both in terms of percentage and absolute speed, as big money moved from Ethereum (ETH) and Solana (SOL) to ADA.

Meanwhile, over 1,000 projects are currently building on Cardano, indicating that the ecosystem is rapidly growing, with 1,003 projects now on the network before of the Vasil hardfork.

Given that the Vasil hardfork upgrade is nearing completion and is expected to be completed this month, as well as the fact that historical data suggests that the price of ADA rises in the days preceding up to a hardfork event, investors will be keeping a close check on whether or not to acquire Cardano.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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