Increase in Cardano Wallets: Over 4.8 Million Unique Accounts Now Hold ADA Cryptocurrency
Cardano Sees Growth Amidst Mixed Signals
Cardano, the tenth largest cryptocurrency by market capitalization, is currently experiencing a surge in interest, with over 4.8 million unique wallets now holding ADA. This significant increase, reported by the ADA-focused community X, was highlighted in a recent report published by ReserveOne, titled "Cardano by numbers." The report also pointed out that this represents an annual growth rate of nearly 18%.
The price of Cardano (ADA) has shown a rebound from a key level of $0.837, hinting at a potential bullish trend. If the bulls manage to push the price above $1.02, ADA could potentially rise to $1.17. However, the formation of an hourly death cross during the sell-off indicates short-term bearish pressure.
The price of Cardano saw a significant sell-off at the start of the week, with a high of $0.987 on Aug. 17. At press time, the price of Cardano (ADA) is $0.874, representing a 2.65% decrease in the last 24 hours. If bearish pressure returns, a drop below $0.837 might cause the ADA price to fall to the 50-day SMA at $0.75. If the price falls below the 50-day SMA at $0.75, it could indicate a bearish trend for Cardano (ADA).
In recent institutional adoption, Grayscale rebalanced the components of its smart contract platform fund, with Cardano (ADA) accounting for 18.57%. This move, along with other institutional milestones, was also mentioned in the report.
However, the identity of the company that last week changed the asset in the Smart Contract Platform fund and held 18.57% in ADA remains undisclosed in the search results.
Despite these mixed signals, the growing real-world use cases of Cardano demonstrate its viability for secure, decentralized transactions. The network's increasing engagement is a positive sign for the future of Cardano.
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