There has been surging interest in Cardano (ADA) among retail traders in recent times following a slight increase in the price of the ninth-largest cryptocurrency.
Fresh data from IntoTheBlock, a cryptocurrency data analytics platform, shows that Cardano’s address holding ADA for less than a month has surged tremendously in recent times.
Per the data, the ADA balance held by traders for less than one month has soared as high as 186.19% in just 30 days. IntoTheBlock reports that addresses in this category collectively own 36.14% of the total ADA supply.
“@Cardano retail interest is rapidly increasing. The balance held by traders – addresses holding for <30 days, has increased by 186% in just 30 days. These addresses now collectively hold 36.14% of the $ADA supply,” IntoTheBlock reports.
@Cardano retail interest is rapidly increasing.
The balance held by traders – addresses holding for <30 days, has increased by 186% in just 30 days.
— IntoTheBlock (@intotheblock) May 4, 2022
Other Cardano Traders Increase Their Holdings
Similarly, addresses holding ADA between one and 12 months have also increased their position in the ninth-largest cryptocurrency in the last 30 days.
Data from IntoTheBlock suggests that Cardano addresses holding the cryptocurrency for between one and 12 months have increased their position by 10.49%, while addresses holding Cardano for more than one year boosted their balance by 6.2%.
Massive ADA Adoption
While there is a huge margin in the growth of balances held by different categories of Cardano traders, the development suggests a surging interest in the cryptocurrency in recent times.
Following yesterday’s development that saw 757,000 Cardano whales buying a whopping 37.4 billion ADA from the market, many people thought only whale traders were taking advantage of the recent price dip.
Cardano Traders Expect Price Surge
However, recent developments indicate that different categories of traders are buying the cryptocurrency as they expect its price to surge tremendously in the near future.
Input Output Global (IOG) has teased that the upcoming Hydra Hard Fork event will onboard more developers to the platform, thus boosting ADA’s utility.
With this teaser, Cardano investors do not want to miss out on the price increase that will be ushered in by the Hydra upgrade expected to go live towards the end of next month.
At press time, Cardano is changing hands around $0.82, as the cryptocurrency is up 4.1% in the last 24 hours.