ADA price is still in a downtrend despite the active community and many advances for Cardano
By the first quarter of 2018, Cardano (ADA) was a well-known name in the cryptocurrency market. However, overall, the price of ADA has recovered slowly since the decline in June 2018.
However, without mentioning the price, the ADA on-chain figures are telling a different story. A story about a positive, hopeful community for Cardano and ADA’s future.
Cardano’s development has no impact on ADA price
Over the past two years, it’s undeniable that Cardano has grown too slowly. However, in the last few months, this ambitious blockchain project has had many events that are expected to push it to new heights.
As AZCoin News reported, the first is about the Shelley era in the Cardano roadmap. This is a new update, bringing staking, will see its incentivized testnet launch in the following days.
Besides, Cardano is also known for its cooperation with the famous shoe brand New Balance. The goal is to apply Blockchain technology to supply chain management and reduce counterfeiting.
And despite so many great strides. But, ADA prices have not changed. ADA has fallen more than 96% from ATH and stagnated over the past several months.
However, it seems that ADA is responding slowly. According to IntoTheBlock, over the past three months, they have recorded a steady amount of ADA transactions, more significant than $ 100,000. Apart from a few short peaks, prices remained stagnant throughout the year.
The network grows slowly but faithfully
Since its inception in 2017, Cardano has attracted a large and dynamic community. And despite its slow growth, the Cardano community (ADA) has grown and steadily increased throughout the year. In 2019, the estimated rate of new addresses joining the network is much higher than the addresses that leave the game.
According to a report from IntoTheBlock, a quarter of Cardano addresses has a zero balance. Meanwhile, 49% made ADA transactions in the last 24 hours.
According to the Ownership Indicator of IntoTheBlock, ADA is remarkably focused. Currently, 42 addresses are accounting for about 40% of the ADA supply. However, out of those 42 addresses, only three addresses continuously make transactions.
Although the data indicate, Cardano is a bearish market. However, with such an active community, we can see that the faith in the Cardano network is still active. It is just that we cannot deny the fact that about 87% of ADA hodlers suffer a significant loss by buying at a price higher than its present value.
However, half of them hodl ADA longer than a year and about 41% own ADA for more than one month. It seems the Cardano community is still “alive.”
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