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Coins such as Cardano have been gaining momentum at an incredible rate. The Alonzo hard fork was one of several upgrades to its ecosystem in 2021.
Recently, however, ADA demand for staking has increased, particularly in February 2022. Is that, however, a complete account of events? Other signs, on the other hand, seemed to indicate the opposite.
Now that Ethereum has faded from the public eye,
In terms of market capitalization, the top three cryptocurrencies are Ethereum (ETH), Solar (SOL), and ADA (ADA). According to CoinMarketCap, Cardano has surpassed Ethereum in terms of total stakeholder count.
Cardano's network had 1.17 million stakeholders at the end of the second month of 2022. There has been a 2% increase in the number of stakers since January 2022, from 1.14 million to 1.15 million.
Here, it is interesting to note that by the end of February, ADA holders had staked 68.3% of the total supply. There was only 7.92 percent of the same for ETH.
On January 1, 2022, Ethereum had 54,772 active stakers. This number dropped to 54,768 on the 18th of January and stayed there throughout the month of February.
Cardano led Ethereum by more than 20 times its total number of stakers in February, according to the statistics previously mentioned. Same – here's the tabulated list.
In addition, the number of HODLers (Wallets that have held ADA for more than a year) increased by 32.1 percent in February to a new all-time high of 408k. Meanwhile, the number of cruisers (wallets containing ADA for a period of one month to one year) increased by 13.4 percent to 3.62M.
The other side's grass wasn't so green.
However, despite these bullish scenarios, according to a report from CryptoCompare, blockchain activity actually decreased in February "as excitement of the SundaeSwap DEX faded out and scalability issues persisted." A 28.0% drop to 2.73 million monthly transactions was the lowest in four months.
In an unexpected turn of events, the number of active addresses dropped in February as well, from 129k daily to 118k. That's a 20% drop from the previous month's total.
That’s not all either.
In February, ADA recorded six straight months of losses as it closed at $0.96 after a fall of 8.33% from $1.05 in January.
According to the graph shown in the previous section,
In spite of several retests, the ADA failed to capture the 50-day moving average. At the same time, ADA has fallen below its 200-day moving average, which served as a major barrier in the second half of 2021 as well. The average daily volume of $137 million in USD was a decrease of 31.1%."
The real question is: will ADA be able to make up for the losses from February? At the time of this writing, the situation appeared to be improving. In the last 24 hours, the eighth-largest token had surged by 4.5 percent, trading just above the $0.85 mark.
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