Despite activity on the cryptocurrency blockchain, the number of addresses containing Cardano ($ ADA) increased to a new all-time high of 5.2 million in April.
“Took a big hit in April”
According to a report, Last month, the number of ADA-owned addresses climbed by 2.99 percent to 5.2 million, owing to a rise of token holders from 529,000 in March to 679,000 in April, as well as an increase in cruise ship numbers from 3.84 million to 4.14 million.
According to a report, Cardano’s operations “took a big hit in April,” with monthly transactions dropping 62.2 percent to 1.17 million.
According to the study, the number of ADA-owned short-term traders decreased by 44.6 percent last month, from 682,000 in March to 377,000.
The average number of active addresses dropped by 57.7% to 52,000.
As a result, the daily number of new addresses dropped by 59.1 percent to 23,200.
Meanwhile, average transaction costs on the Bitcoin network more than doubled from $ 0.42 in March to $ 0.91 in April.
Holders have faith in ADA
It should be emphasized that, despite the fact that performance has slowed, most ADA holders continue to accumulate.
Retail interest in cryptocurrencies is “rapidly expanding,” according to reports, while whales have just resumed hoarding after selling their holdings for the first time in seven months, resulting in a significant reduction in ADA on the market.
After the price of cryptocurrencies fell to a 15-month low, whales and retail consumers began collecting them again. According to data- real-time ADA price feed, the price of the ADA has been falling steadily in recent months after reaching an all-time high of $ 3 in August of last year.
ADA investors appear to have maintained their investments during the bad market. According to the data on price sites, ADA has a normal retention duration of 121 days, meaning that ADA platform users will keep their property for more than four months before “selling it or sending it to another account or address.”
A long holding period “indicates an accumulation trend,” while a short holding period “indicates increasing fund movement,” according to the bitcoin exchange.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
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