Cryptocurrency Community Expects Upward Movement in Cardano ($ADA) Price in March
The cryptocurrency community expects the price of Cardano ($ADA), to experience an upward movement during the month of March, at a time in which the cryptocurrency’s adoption keeps on growing.
According to over 1000 users on CoinMarketCap’s cryptocurrency price estimates, on average, respondents predicted that ADA would end the month of March trading at $0.3971 per token, up from around $0.3377 the cryptocurrency is currently trading for, or over 17% more.
The cryptocurrency community seems to become more bullish as time goes on, predicting a near 25% rise by July, to $0.42. It’s important to point out that the cryptocurrency community’s predictions may not come to life at all.
According to the platform, the community’s historical accuracy is of little over 53% with recent data showing it was at around 80% in January and February 2023 after being at 6.8% in December.
This positive outlook is due to the growing adoption of Cardano as a platform for decentralized applications (dApps) and its focus on sustainable and efficient blockchain technology. The total value locked on Cardano’s decentralized fiancé space, for example, has grown to surpass $110 million this year, up from under $50 million in December.
As CryptoGlobe reported, Polkadot ($DOT), a blockchain network often described as a “blockchain of blockchains,” and Cardano were the two top cryptocurrency networks by development activity last month.
Development activity, it’s worth noting, is a metric measuring the development activity in projects’ public GitHub repositories, and does not include private repositories’ work.
Notably, users on the Nasdaq-listed cryptocurrency exchange Coinbase are holding onto their Cardano holdings for longer periods than most other major cryptocurrencies, according to data from Coinbase’s own price pages.
The typical hold time for Coinbase users invested in Cardano is now 195 days, well above the hold time for Bitcoin ($BTC) and Ethereum ($ETH). The data shows that Coinbase users tend to accumulate Cardano over time, as the typical hold time has been steadily increasing since the feature was added.
A long hold time is considered a positive signal in the cryptocurrency market, indicating an “accumulation trend” among investors.
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