Cardano's Quiet Rally: ADA Surges as Retail Investors Remain Unaware
Cardano (ADA) has been quietly gaining traction in the cryptocurrency market, but retail investors seem to be unaware of its recent surge. According to data from Santiment, ADA has increased by a significant 25% over the past week, making it one of the top-performing altcoins among the top 100 crypto assets by market capitalization.
The price of ADA has reached $0.195 for the first time since July 4th, which is an impressive feat considering its steady rise. However, on-chain data reveals a different picture when it comes to investor behavior. The number of wallets with a non-zero balance on the Cardano network has decreased by 7,070 compared to two months ago.
This indicates that individual investors have not yet made a strong comeback to the market while the price is rising. Santiment analysts assessed that larger investors or institutional buyers are absorbing the selling pressure in the market and supporting the rise. This suggests that retail investor interest has not yet fully followed the current rally.