ADA -Cardano is one of the most observed cryptos inside the crypto area due to its inflexible fundamentals. The price, although, has maintained a silent trend, barring any predominant movements, but the neighborhood hopes for a considerable rally in the coming days.
Along with the market participants, the whales additionally appear to be extraordinarily bullish on ADA rate as they have a tendency to accumulate closely in the previous fortnight.
The on-chain information exhibits that the ADA whales retaining over one hundred million ADA have scooped up 560 million ADA, which is well worth almost $218.4 million, aiming to make a radical go ahead.
Besides, the addresses conserving ADA tokens between 1 million to 10 million have additionally collected a hundred and fifty million ADA well worth $57 million. These accumulations are fluttering intense bullish indicators for the crypto.
In the meantime, the consumer matter on the platform is additionally surging consistently.
After witnessing a sharp decline in January, the range of ADA holders made a regular upward push and has surpassed 4.4 million, which marked new highs.
Alongside, extra merchants show up to have opted for lengthy positions as the funding fees throughout all the exchanges are positive.
Cardano (ADA) Technical Overview
Cardano (ADA) On-Chain Overview
Cardano Social Dominance
Source: Santiment
ADA Social dominance is the share of discussions across the social media platform referring to a particular token. It compares the social volume like the searches, mentions, posts, etc of a token to the combined volume of the top 100 tokens according to the market capitalization.
If the social dominance of a token has surged by 50% then it is considered as it holds half of the messages, posts, etc that discuss the top 100 tokens.Â
The social dominance of Cardano rebounded during the first few days of March and maintained a steep upswing later to rise by more than 400%. Presently, the levels have surged beyond 2, which indicates the possibility of bullish sentiments prevailing among the market participants.Â
Cardano Total NFT Trades
Source: Santiment
The total NFT trades count is a metric that calculates the market count and market volume in ETH for NFT collections over a platform. It is assumed that when the majority of the volume is buying NFTs the market is in a euphoric state. Besides, when NFT owners accept many orders, the markets are believed to be depressed.Â
The Cardano NFT trade count that had grounded all these days witnessed a sudden spike for nearly a month. Therefore, NFTs appear to have gained traction due to the rise of social sentiments.Â
Cardano Daily Active Address
Source: Santiment
The demand and the popularity of any token are dependent on user activity. The user activity is determined by the number of times he interacts with the platform to palace buy, sell, or swap orders. Daily active addresses consider all these addresses but only once per day which indicates the growing adoption and attention over the token.Â
The ADA daily active addresses have remained largely consistent after witnessing a gigantic drop during the previous year. It indicates that regardless of the market sentiments and price variations, the users continued to remain active on the platform.
Read More WHAT IS CARDANO METAVERSE?
Cardano Marks Historic Milestone as Non-Custodial Wrapped BTC Mints on Network
Cardano founder Charles Hoskinson reacted to the exciting news that cBTC could now be minted on the Cardano network. CBTC, a BTC asset on Cardano, is similar to wrapped Bitcoin (wBTC) on ETH, but it does not have a centralized custodian.
AnetaBTC, which seeks to bring on-chain wrapped BTC to Cardano and Ergo, earlier announced the cBTC demo would precede its Cardano public testnet release.
In an earlier and separate announcement, the protocol stated the public testnet of anetaBTC, which will bring wrapped Bitcoin to Cardano, is scheduled to launch Thursday, April 20, 2023.
Bitcoin liquidity to contribute to Cardano DeFi explosion Ahead of the milestone, anetaBTC has announced several updates in its journey to bring wrapped BTC to Cardano.
These include successfully minting cBTC on Cardano, mobile app development and open-sourcing its Cardano smart contracts.
It is also conducting a security audit for its wrapping protocol, an important milestone, it says, for launching its mainnet protocol on Cardano.
Wrapped assets enable liquidity to be bridged from other ecosystems, and wrapping BTC on Cardano could help unlock liquidity from the $585 billion BTC market.Â
AnetaBTC says it wants to bring Bitcoin liquidity into Cardano and Ergo to contribute to the anticipated DeFi explosion of these leading blockchains. CBTC, a non-custodial wrapped BTC, aims to bring crucial liquidity to Cardano by attaining a small percentage of the wBTC market.
Conclusion
ADA-Cardano appears to be under huge bullish influence as not only the price has broken the crucial barriers but the other fractals are also pointing towards a longer bullish trend ahead.
The surge in social dominance indicates more user participation while the rise in the NFT trade count may again spark a fresh NFT boom.Â
Stay tuned to get more updates on cardano
