Number of Cardano ($ADA) Addresses Sets New Record of 5.2 Million
According to CryptoCompare's latest Asset Report, the number of addresses holding ADA increased by 2.99 percent to 5.2 million last month, owing to growth in token holders from 529,000 in March to 679,000 in April, as well as a rise in cruisers from 3.84 million to 4.14 million.
The number of short-term traders holding ADA fell 44.6 percent from 682,000 in March to 377,000 last month, according to the study.
According to CryptoCompare, Cardano blockchain activity "took a huge knock in April," with monthly transactions falling 62.2 percent to 1.17 million and average active addresses falling 57.7% to 52,000.
Similarly, the number of new addresses added each day fell by 59.1% to 23,200. Meanwhile, average transaction fees on the cryptocurrency's network increased by more than 100% from $0.42 in March to $0.91 in April.
On the go
On-chain data demonstrates that, despite the fact that activity has halted, most ADA holders are still acquiring. According to reports, retail interest in the cryptocurrency is "rapidly expanding," and whales have just resumed an accumulating trend after selling off their holdings over a seven-month period in which they dumped a big amount of ADA on the market.
After the cryptocurrency's price fell to a 15-month low, whales and regular investors began accumulating it again. The price of ADA has been progressively declining over the previous few months, according to data from CryptoCompare's live ADA price feed, after reaching an all-time high of $3 in August of last year.
ADA investors appear to have held on to their money during the down market. According to Coinbase's price website, ADA has a normal hold time of 121 days, which means that ADA users on the platform keep their coins for more than four months before "selling it or moving it to another account or address."
A long hold period "signals an accumulating trend," while a short hold time "indicates an increased movement of tokens," according to the bitcoin exchange.