Addresses holding 10K+ ADA now collectively own $12,4b in coins

March 29, 2023 at 11:51 am

Markets

Addresses holding 10K+ ADA now collectively own $12,4b in coins

Cardano (ADA) addresses holding at least 10,000 ADA tokens have been on an accumulation spree since the asset dipped in October last year. Amid this accumulation campaign, these addresses have added 1.03 billion ADA to their collective balance in five months.

The inclusion of 1.03 billion tokens represents a 3.3% increase in the collective holding of these addresses since last October, per data from market intelligence resource Santiment. According to charts, these investors embarked on a distribution spree in early 2021 amid the start of cardano’s bull run, as they sold off a massive portion of their holdings.

https://twitter.com/santimentfeed/status/1640980560008081408?t=vLmJac1beAfNMMeG3amJeA&s=19

The distribution stopped in mid-2021, marked by the start of the latest accumulation trend, which gained momentum in October 2021 and has endured since then. Consequently, these addresses now hold 32.02 billion ADA, valued at $12.3 billion against prevailing rates. The collective balance of these holders is now heading to a new all-time high.

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Cardano price action

In addition to the persistent accumulation trend observed with ADA, the asset appears to have begun decoupling from bitcoin’s (BTC) price action since the start of the week. The ADA/BTC chart has registered two consecutive daily winning sessions since March 27, with a massive 6.07% gain yesterday.

Addresses holding 10K+ ADA now collectively own $12,4b in coins - 1 — ADA 3-week price action | Source: crypto.news

With a 6.13% increase in the past 24 hours, the chart reveals that cardano is currently breaking away from the correlation with bitcoin’s price action, as the asset outperforms the premier crypto. Notably, ADA is also witnessing a 10.53% increase against the dollar in the past 24 hours, currently changing hands at $0.386 as of press time.

Following a drop to $0.3387 yesterday, cardano staged a comeback that saw it appreciate by 14.3% to a high of $0.3873 before slowing down. The asset is presently keen on reclaiming the $0.40 price territory for the first time since February.