A cryptanalysis company says that Cardano (ADA)Whales are devouring ADA, despite the crypto-asset’s serious price wars of late.
According to leading crypto analytics firm Santiment, Cardano whale addresses holding between 1 million and 10 million ADA have accumulated another 196 million ADA over the past five weeks after seven months of dumping the crypto asset.
Cardano is trading at $0.773965 at the time of writing. that after market capitalization The 9th-ranked crypto asset is down more than 34% compared to its price a month ago. Santiment says so Ethereum (ETH)-Competitor is trading at its lowest level since February last year.
The analytics firm also notes that the decentralized oracle Chainlink (LINK) has reached the lowest price level since December 2020.
However, Santiment says this isn’t all bad news for LINK.
“The good news is that surrender and FUD [fear, uncertainty, doubt] Signs are forming among traders that sentiment is falling to a negative 3-month low. Prices usually bounce in these scenarios.”
Chainlink is trading at $11.20 at the time of writing. The 27th-ranked crypto asset by market cap has fallen more than 36.5% over the past month.
According to Santiment, traders seem more optimistic about Bitcoin (BTC) to be what is actually a potentially bearish indicator for the top crypto asset.
“Bitcoin exchange funding rates have again shown a tendency towards longing after initially opening the trading week with significant profit taking. We’re ideally looking for a certain level of crowd FUD for optimal upside conditions.”
Bitcoin is trading at $37,897.06 at the time of writing, down more than 17% over the past month.
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Source: Crypto News Deutsch