While Bitcoin continues to move sideways, the established altcoin Cardano stands out as the most effective cryptocurrency among the top 100 crypto assets by market capitalization, showing an impressive weekly gain of 25%.
In recent days, $ADA has become one of the most notable altcoins in the market, reaching the $0.195 mark for the first time since July 4th.
Analyzing this situation, the crypto analytics platform Santiment stated that, despite the price and market cap growth, blockchain data reveals a very notable picture in investor behavior.
According to Santiment's data, the number of non-zero balance wallets in the Cardano network has decreased by 7,070 compared to two months ago. This indicates that individual investors have not yet shown a strong return to the market while the price is rising.
In this context, Santiment analysts assessed that, despite the price increase, the decline in the number of active investors suggests that large investors or institutional buyers are absorbing selling pressure in the market and supporting the growth. It is noted that retail investor interest has not yet fully followed the current rally. In other words, retail investors are still unaware of $ADA's growth.
Santiment added that Cardano's growth has also been aided by technical achievements. Accordingly, while work on the Cardano Leios testnet continues, progress has been made on the Hydra scaling solution. Furthermore, Mithril updates, integration with the Pyth Network, and a new round of funding through the Catalyst project have also reportedly contributed to the ecosystem's growth.
*This is not investment advice.
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