Cardano, the eighth-largest cryptocurrency in the world, is once again up more than 8% in the past two days, defying the broader market correction. At the time of writing, ADA is trading 2% higher at a price of $0.27 with a market cap of $9.3 billion.
Also on the weekly chart, ADA has double-digit returns, while other altcoins struggle at the lower end of some digital returns. According to on-chain data, Cardano whale addresses with between 1M and 100M are back in action. On-chain data provider Santiment reports:
Cardano enjoy a mini peak at this hour and addresses holding between 1 million and 100 million $ADA can be an important validator to watch for a price breakout. After dumping 568.4 million coins in the last 2 months of 2022, they added another 217.2 million $ADA to start 2023.
Despite last year’s crypto winter in 2022, the Cardano development team has been working on some developments for the blockchain network.
Key developments expected for Cardano in 2023
Two stablecoins would make their way to the Cardano blockchain platform by the first quarter of 2023. The first will be a USD-backed stablecoin USDA that transacts on the Cardano blockchain.
In addition, Cardano is also working on its own stablecoin Djed in collaboration with Coti. Through Cardano’s smart contract design, this stablecoin retains its peg to the USD.
After the successful launch of the Vasil hardfork around September last year, the Cardano team is now taking the next step to improve the scalability of the platform. The highly anticipated development this year is Cardano’s Layer-2 scalability solution Hydra, which will improve transaction speed with low latency and high throughput without sacrificing low gas costs. As Cardano sees a rise in DeFi protocols on the platform, Hydra will be a critical development.
Another development could be the introduction of oracles on the Cardano blockchain. As a result, Cardano could facilitate the connection between on-chain and off-chain data. It means Cardano throws a head-on match for Chainlink (LINK).
With these developments, ADA could prove to be a rewarding altcoin for investors in 2023.
Bhushan is a FinTech enthusiast and has a good flair for understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is in a continuous learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time he reads thriller fiction novels and sometimes explores his culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post Cardano whales return to accumulation pushing the ADA price up
was published first on https://coingape.com/cardano-defies-broader-market-correction-with-ada-whale-accumulation/