Despite all of its recent advances, Cardano continues to share opinions in the crypto space even after 3 years of existence. While some consider it an “Ethereum killer”, others refrain from recognizing it at all. Aside from the opinions of the community, its true potential can be calculated from the numbers and metrics in the chain.
However, could the altcoin be heading for a rally?
Who is HODLing Cardano?
For the first time in a long time, the answer is no longer whales or spot traders. Large whales (with an ADA value of more than $ 5 million) have been withdrawing from the market since early July. Over 300 whale addresses have been removed from the HODLer’s equation in the past 30 days.
In addition, long-term HODLers have also been pushed out of the market.
The Cardano Whale Movement | Source: Santiment – AMBCrypto
A year ago, 1-year HODLers dominated the market. In July 2020, this group of owners shared 46 percent dominance in terms of ownership. However, that number has decreased since then. Last month it was only 9%. In addition, a new section of HODLers has taken its place with LTHs – The Cruisers.
Cardano property after held time | Source: Intotheblock – AMBCrypto
Cruisers are the mid-term owners who currently have a solid 75% dominance of the owner market. Over 1.52 million addresses are those who have held ADA for between a month and a year. These addresses began to rise in January and are really picking up speed.
In the past 6 months alone, Cruisers’ stake has increased by 1.2 million from 350,000. In addition, the average retention period of ADA in wallets has increased to 6.1 months, a sign of the current dominance of cruisers.
Cardano Cruisers (Medium Term Holders) Rise | Source: Intotheblock – AMBCrypto
Cardano profitability
Put simply, ADA seems pretty profitable right now. In the last 11 days the price has been up. gone up 28.59% trading at $ 1.3 at the time of this review. The break-even price chart, which shows the price the asset would have to reach for the address to break even, also underscored the big gains at that time.
Over 65.57% of the total addresses, including up to 1.38 million, are currently profitable. Add to this bullish narrative the average sentiment which has been pretty positive lately compared to the last 50 days.
Cardano break-even price | Source: Intotheblock – AMBCrypto
All in all, it is very clear that the recent rallies have been heavily supported by cruisers (medium-term HODLers). In the future, ADA could also see more stable price movement if their dominance persists.
Since ADA is already profitable and the mood in the community is positive, more investors could get into this particular group of owners. This would bring ADA closer to its April ATH levels.
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