Diamond Hands: Coinbase Data Shows Stronger Accumulation Trend for $ADA Than Other Top Cryptos

Users on the Nasdaq-listed cryptocurrency exchange Coinbase have a median holding time for Cardano ($ADA) over 125 days, superior to most other top cryptoassets on the platform, as they keep on HODLing through the bear market.

According to data shown on Coinbase’s price pages, Cardano’s ADA has a typical hold time of 153 days, meaning that ADA users on the platform hold onto their assets for that long before “selling it or sending it to another account or address.”

In comparison, the platform’s data shows that its users investing in Bitcoin ($BTC) have a typical hold time of 130 days, while its users investing in Ethereum ($ETH) have a typical hold time of 105 days. Those investing in Solana ($SOL) have a typical hold time of 100 days.

According to the cryptocurrency exchange, a long hold time “signals an accumulation trend,” while a short hold time “indicates increased movement of tokens.” Notably, Coinbase launched ADA staking back in March, with the current staking APY at the time being around 3.75%.

The cryptocurrency exchange’s data further shows that out of its users trading Cardano, 93% are buying the cryptocurrency while only 7% are getting rid of their holdings.

As CryptoGlobe reported, Cardano has recently become one of the top 10 holdings of whales n the BNB Chain (which was formerly known as the Binance Smart Chain) as investors are betting on the cryptocurrency ahead of its highly anticipated Vasil hard fork.

 The Vasil hard fork is a major upgrade that will involve four Cardano Improvement Proposals (CIPs). Cardano creator Charles Hoskison has said the hard fork will deliver a “massive performance improvement.”

Earlier this month, a panel of cryptocurrency industry experts predicted that the price of Cardano will explode to $2.93 by 2025, and to $6.53 by 2030, although experts believe that by the end of the year, the cryptocurrency will trade at just $0.63.

Source: Read Full Article