The characteristic pre-upgrade hype that Cardano has historically seen is back.With the blockchain in even more spotlight, the project’s creator Charles Hoskinson hasn’t downplayed the fact that he believes the Vasil update will significantly improve performance, speed, and enhanced interaction with smart contracts for developers.More promising, the chain’s native token ADA seemingly found its footing last month and has been trading above the crucial $1.00 mark for the last two weeks.
Outside the market, the proportion of Cardano supply is changing progressively.The supply of ADA in the control of Cardano whales has been declining, indicating that other tiers of token holders are boosting the amount of ADA in their wallets.
Crypto assets and blockchain analytics firm Santiment observed in a d yesterday that the supply of ADA is flowing out of Cardano’s whale-tier addresses, with more than 100,000 tokens.As of this Sunday, the percentage of ADA supply held by Cardano whales had reached an all-time low in the supply held – touching 83.1%.
The moving supply is being taken by the investors in the low-mid and high-mid tiers, who have continued accumulating ADA into their portfolios.This group of holders, having between 100 and 100k ADA, touched their all-time peak in the proportion of the supply they control – 16.8%.Further, as per the data Santiment shared, the low-tier addresses (having less than $100 in ADA) are ballooning in numbers despite only controlling just 0.128% of the supply.
Cardano enjoys developments
In addition to the market-wide positive sentiment, upcoming developments on Cardano have also fueled the recent ADA price uptrend, which placed the token at $1.20 at the start of the week.Recent and upcoming improvements, together with the hype of the Vasil hard fork planned to ship this June, have rekindled optimism.
While Charles Hoskinson has said that most projects are awaiting the Vasil update before they can launch on Cardano, the number of smart contracts has recently jumped above 2,000.
According to data provided by Cardano Blockchain Insights, Plutus scripts on Cardano crossed 2,000 for the first time, reaching 2,160 on March 30.The trend has sustained, and the current count is 2,345.
Notably, Cardano recently gained Ethereum virtual machine compatibility after the Milkomeda foundation announced Milkomeda C1 – a sidechain designed to enable Ethereum compatible projects to deploy on Cardano.
Cardano (ADA) climbs to seventh but fails to hold the spot
Value addition for Cardano that has stretched from last month catapulted ADA into the top seven crypto assets by market cap earlier this week.Market data showed that Cardano’s token charged, surpassing XRP and LUNA.
It, however, couldn’t retain the position as a rallying LUNA overtook it on Monday.Cardano had dropped to ninth trading at $1.15 against the dollar at writing.
The 3.70% price dip over the last 24 hours has seen its market capital contract to $38.921 billion as per CoinMarketCap.Ripple’s XRP coin is a step above with an equivalent figure of $39.327 billion.
ADA/USD saw a steep fall to a 24-hr low of $1.13 earlier today April 1.Along with the price descent, trading volumes have fallen by 37.09% over the last 24 hours.
Despite failing to capitalize by turning $1.2 into support, it’s still unlikely that the token will retest support at $1 in the near time.
Market sentiment is still positive and indicators are leaning bullish.
To learn more about Cardano visit our Investing in Cardano guide..