For months, the markets have been turbulent, with additional downside pressure. As a result, investors are leery of investing right now, particularly in the crypto markets. However, according to a new poll, many of these investors are bullish on ADA.
ADA is preferred by investors over Bitcoin and Ethereum.
London Real asked crypto Twitter what assets people were stockpiling during the market slump in a poll. Users might choose between Bitcoin, Ethereum, Cardano’s ADA, and other cryptocurrencies.
It’s worth noting that ADA has seen a surge in popularity in recent weeks. Cardano’s ADA whales have become much more active, as revealed by ZyCrypto on Saturday. According to the article, over 160 ADA whales each bought over $100,000 worth of ADA in just 6 hours on Friday, leading the Ethereum competitor’s price to climb by 6%.
The new surge of stockpiling is mostly because of the Vasil hardfork, which is set to occur in June. The upgrade is expected to bring a slew of DeFi applications to the Cardano ecosystem. As a result, numerous investors believe the altcoin has a lot of upside potential after the hard fork.
The item is currently trading at $0.58 at the time of writing. It has dropped 7.36 percent in the previous 24 hours, but has gained 5.81 percent in the last seven days. With a market capitalization of $19.5 billion, it is now the 6th largest cryptocurrency.
The Future of the Market
The fact that numerous crypto industry actors are prepping for a potential bear market, or what many crypto fans refer to as a crypto winter, is no longer news. To cope with this year’s losses, leading exchanges such as Gemini and Coinbase have announced intentions to cut its employees.
Over the last couple of weeks, the markets have remained in a tight range, with Bitcoin trading between $29,500 and $32,500. When factoring current economic concerns and central bank rate hikes to combat inflation, the correlation between the crypto and US stock markets has strengthened dramatically and proven negative to the crypto markets.
Despite the recent slump, Galaxy Digital’s CEO Mike Novogratz has stated that he believes crypto adoption will continue to rise. Novogratz stated at the Piper Sandler Global Exchange & Brokerage Conference on Wednesday that his company expected to continue expanding during the crypto winter, predicting a bull run once the macroeconomic climate shifts.
Source: Zycrypto