The bear market we have been in for a long time continues to affect all stakeholders of crypto money and Blockchain. Besides, some data on Cardano (ADA) side shows that ADA can beat the bear market.
Let’s take a look at what ADA can do in the face of bear market dynamics in the light of data from Cardano. Can Cardano beat the bear market?
Can Cardano (ADA) Beat the Bear Market?
After the Cardano Vasil Hard Fork, it looked like it was on a good track. Things took a turn for the worse when none of the expected changes in price were met after Vasil. Many investors sold and the price went down.
On the stake rewards side, there has been a huge increase in the number of stakers on the Cardano network. The number of stakers on the network has increased by 30% in the last 30 days. On the other hand, the income generated by the stakers decreased by 23.5%.
However, despite the positive data, there were a few factors investors could consider before switching to ADA. As can be seen from the data below, there has been a sharp drop in speed observed over the past few days. This decrease shows that the average number of exchanges of ADA between wallets has decreased.
In addition to these, there was a decrease in the development activities of ADA last month. For investors using this data, it can be perceived as a bearish sign.
However, it has also been observed that Cardano is battling the bear market with an increasing number of collaborations.
In a recent update it was announced that Cardano will be partnering with Algorand, which has proven to be fruitful for Cardano in the long run.
Cardano was trading at $0.3464 at the time of writing and has gained 2.1 in the last 24 hours, according to CoinGecko data. However, it has lost 5.6 percent in the last week.
32334
