'Nowhere To Hide' - Altcoins To Keep Getting Wrecked Against Bitcoin As 'Brutal Trend' Persists: Benjamin Cowen
According to crypto analyst Benjamin Cowen, altcoins are likely to continue losing value against Bitcoin. Cowen explains that this is a regular occurrence ahead of the Bitcoin halving, which is set to occur in April 2024. He notes that altcoins tend to break off their Bitcoin support levels during pre-halving years, leaving them with nowhere to hide and causing them to depreciate against Bitcoin. Cowen illustrates this trend with the example of Cardano versus Bitcoin, which has experienced significant drops over the past year.
Analyst Ali's data shows that Cardano whales sold or redistributed approximately 1.02 billion ADA, worth about $265 million, in the past week.
Following the rejection of all seven spot Bitcoin ETF applications by the US SEC, the crypto market experienced a significant sell-off. However, Cardano (ADA) has shown improved on-chain activity, with weekly transaction volumes surging by 1,700% since late January.
Crypto Market Experiences Bearish Trend with Bitcoin and Altcoins Trading in Red, Fear and Greed Index Corrects Slightly
Today, the crypto market is mostly bearish with Bitcoin and major altcoins trading in the red. The fear and greed index has corrected slightly but remains in the fear zone with a score of 35/100. Bitcoin's price is still below $30,000 at $25,997.91, while Cardano and Solana experienced gains.
On August 18th, Cardano blockchain founder Charles Hoskison announced that the CIP-1694 testnet, SanchoNet, has officially launched. SanchoNet aims to introduce the governance function of CIP-1694 to the Cardano community in a controlled testnet environment.
According to blockchain analytics platform Santiment, wealthy investors are accumulating large amounts of Cardano (ADA) despite a stagnant cryptocurrency market. The number of wallets holding 100,000 or more ADA tokens has risen to 25,294, a level not seen since April 2022.
Cardano Spot has announced the launch of new features to promote the expansion of local Cardano projects and their communities.
According to Messari, a crypto analytics firm, Cardano (ADA) had mixed results in Q2 of 2023. The blockchain saw a 49% increase in daily decentralized application (DApp) transactions, with an average of 57,881 per day. Additionally, Cardano's total value locked (TVL) increased by almost 10% to $151.7 million, ranking it 21st among all chains. However, the project experienced a decline in non-fungible token (NFT) activity, with a 35.7% decrease in average daily NFT transactions and a 41.9% decrease in total NFT quarterly trading volume compared to Q1.
Crypto Whales Accumulate Largest Amount of Cardano (ADA) in Nearly a Year, Says Santiment Analytics Firm
According to Santiment, affluent crypto investors have been accumulating Cardano (ADA) in large amounts, with wallets holding between $10,000 to $100,000 worth of ADA accumulating the largest amount in almost a year.
Cardano (ADA) Sees Strong Momentum as On-Chain Data Shows Accumulation by Big Holders and Blockchain Activity Surges
Crypto traders are turning their attention to Cardano (ADA) which has seen a surge in accumulation by shark and whale addresses, holding the highest level of ADA coins in almost a year. On-chain data also shows an increase in activity on the Cardano network over the past six months, with blockchain analytics firm Messari reporting a surge in Cardano blockchain activity during Q2. The rise in activity can be attributed to the growth of decentralized apps, such as Minswap, and important upgrades to Cardano's performance for users. It remains to be seen if the ADA price can surpass $0.30 and continue to surge.