Cardano (ADA), Cardano prices can be said to be consolidated. The daily loss is negligible as Cardano posted 2.34% growth from week-to-date. According to data from CoinGlass, it seems that the interest of investors who invest in Cardano for the long term has waned. According to liquidation data, Cardano has been subject to liquidation of 716 thousand ADA tokens worth approximately $253,000 at the time of this writing.
The liquidation data was for a 12-hour period, and when expanded further, it will appear that Cardano has fewer long positions compared to other profiled altcoins. While it can be assumed that asset liquidation is not good news for investors, it can gauge how optimistic investors are that the ADA price will continue to appreciate in the medium to long term.
Cardano network growth
Cardano is a strategically growing Layer 1 proof-of-stake (PoS) blockchain network with a number of development efforts to grow the protocol. Among a few initiatives is the Hydra scaling tool, which is currently being worked on and is positioned to help increase the throughput of transactions on the blockchain.
ADA is poised to benefit from targeted protocol upgrades in the near future, as increasing innovations in the network will increase the demand for digital currency, which will increase its value over time.
Although Cardano has been limited in terms of network growth lately, it is experiencing significant whale actions that show the transactional outlook is solid and could contribute to the upcoming price surge.
source: u.today
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.
