Despite investors not making a profit at the moment, the number of active Cardano addresses continues to rise.
Large institutional influx in Cardano
Cardano has not been able to book any nice price gains in the past two months and not much exciting has happened in terms of network development. The market cap has usually fluctuated between $65-$70 billion. And has even fallen to $63 billion this week.
Despite that, ADA managed to bring in $16.4 million in weekly capital inflows this week. This makes Cardano the third best performing crypto in terms of institutional inflow.
The large influx is positive. Especially now that the price is tough. Since September 20, ADA has been stuck below the USD 2.28 resistance. This has been an important level for a long time. Despite multiple attempts, ADA has failed to close above it. In addition, the USD 1.90 support level has been tested for the past few days. It is important that this level holds, otherwise there is a good chance that the price will fall further.
What about investors?
ADA investors are not celebrating lately. In just two months, 52% of all Cardano addresses lost their profitability.
Still, investors remain drawn to the altcoin. This can be seen from the number of active addresses. On November 15, this stat reached a more monthly high, which is a very positive sign for the long term.Cardano active addresses. Source: Intotheblock
In addition, the number of trades reached 242k yesterday. This was the highest number of transactions ever for the altcoin.
All in all, Cardano’s fundamentals still look very strong. Investors therefore seem to have a lot of confidence for the long term. In the short term, however, things are going to get a little tense as to whether the $1.90 level holds.