ADA short-term position balance hits new high, institutional ETF applications and exchange function expansion boost heat
Renata2024/12/04 06:32
On December 4th, Cardano (ADA) has performed well recently, with the highest price reaching 1.3260 USDT. Despite the pullback to 1.2111 USDT, the trading heat is still high. The 24-hour trading volume of Bitget in-app reached $148 million, becoming one of the focuses in the Layer 1 sector.
According to IntoTheBlock data, Cardano's short-term holders (investors who hold for less than a month) have significantly increased their holdings of 3 billion ADAs in the past month. Currently, the total balance of short-term holders has reached 8.42 billion ADAs, worth about $9 billion, a new high in the past 8 months. This data indicates that the market's interest and confidence in ADAs are rapidly increasing.
In addition, Bitso, a leading cryptocurrency exchange in Latin America, announced that its Earnings feature will add support for ADA and DOT in the first week of December, further expanding the application scenarios of ADA in the market. Previously, Bitso's Earnings feature had supported USDC and USDT, and recently added ETH and SOL.
Meanwhile, Nate Geraci, President of The ETF Store, stated on social media that although spot ETF applications are mainly focused on SOL, XRP, and HBAR, it is not ruled out that publishers may try ADA. This news has raised market expectations for ADA's potential development in the institutional field.
Famous trader Eugene Ng Ah Sio also stated on social media that ADA and other assets such as XRP and DOGE have performed well, even exceeding many market expectations. This outstanding performance further consolidates ADA's core position in the early bull market stage of the cryptocurrency market.
Overall, Cardano's network active level, institutional attention, and exchange support are constantly improving. The market expects ADA to further break through the current price range in the future and become the long-term leader in the Layer 1 sector.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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