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Cardano‘s (CRYPTO: ADA) muted performance throughout this bull run has analysts wondering whether the lull in activity may precede consolidation or a price drop.
What Happened: Grayscale Digital Large Cap Fund announced the liquidation of all its ADA holdings, as per a press statement. Currently, the fund boasts $579 million in assets under management, and it had 1.62% of its portfolio, worth $9.4 million, in Cardano.
Instead, the fund added Avalanche (CRYPTO: AVAX) and Ripple (CRYPTO: XRP) to its portfolio. The final composition of the fund as of April 3, 2024, includes Bitcoin (70.96%), Ethereum (21.84%), Solana (4.52%), XRP (1.73%) and Avalanche (0.95%).
Crypto chart analyst Ali Charts predicts a price consolidation or an impending drop following Cardano’s lull in activity:
Why It Matters: IntoTheBlock data reveals a 6.6% increase in daily active addresses, reaching 38,400, while large transaction volumes saw a 6.1% decrease to 16.4 billion. As of April 4, there were 606 transactions exceeding 100,000, up from 569 on April 3.
A significant portion of Cardano holders, 67%, have held their tokens for more than a year, while 27% have held them for between one and 12 months. Despite a 12% price drop, 48% of Cardano holders remain profitable, while 49% are currently out of profit.
According to a weekly development report by Essential Cardano, the project has reached a significant milestone, completing 88.6 million transactions. The report also highlights 164 launched projects, 1,353 projects under development, and over 9.86 million native tokens.
What’s Next: In contrast to the prevailing market sentiment surrounding Cardano, popular chart analyst Trend Rider maintains that the token is a long-term investment that has demonstrated its strength through two bull runs, each resulting in a 100x increase.
He notes that while Cardano’s bullish movements can be extremely explosive, its movements can also be equally slow.
The appeal of altcoins for investments is a topic expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: ‘Cardano Is Dog S**t’: BitMex Co-Founder Arthur Hayes Challenges ADA’s DApp Utility
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