Cardano has the bragging rights to the network with the highest percentage of its circulating supply, and she hasn’t given up on that title. The Cardano community is home to investors who invest for the long term rather than trying to make short term profits from the market. This means that most investors put their coins on the platform to act as validators on the Proof of Stake mechanism.
The popularity of the blockchain has grown since it announced the ability for smart contracts in September. Since then, several partnerships and initiatives focused on increasing usability on the network have been announced. The move appears to have paid off as Cardano saw a record total supply traded reach an all-time high this week.
Total ADA share reaches 73% of supply
Cardano saw total ADA stakes on its network reach 73.15% on Thursday, which is an impressive number compared to the number of fortified coins over its direct competitors. At this point, the network had a total of 23.9 billion ADA through 921,323 delegates. The total ADA in circulation is only 33.26 billion coins, which means that only less than 10 billion are not in stock.
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This represents the growing confidence in the future of the project, which some in the space have claimed is the blockchain of the future. An interesting fact behind Cardano’s storage network is that coins are not locked into place. Unlike Ethereum, ADA holders are still able to convert their stack coins if they wish to sell. However, a large percentage of her community has chosen to participate, speaking in great numbers about her owners’ belief in the project.
Cardano’s market performance
Despite its impressive new partnerships and projects, Cardano has not fared well in the cryptocurrency market. The altcoin has not followed the upward trend of bitcoin in the past weeks, which has left the ADA struggling to maintain its value above the $2 level. The short-term outlook for ADA is also generally bearish given the delayed momentum of the digital asset.
ADA price struggles to hold $2.02 | Source: ADAUSD on TradingView.com
The ADA has been volatile recently and on Wednesday saw the altcoin crash below $2 for the first time in over a month. The price of the digital asset immediately recovered after the crash. However, the damage has already been done. ADA’s loss of steam over the past few weeks became more evident as the price struggled to consolidate above $2.01.
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The outlook remains bleak for the original, especially now. Since it has not yet risen with the rest of the market along with Bitcoin, Cardano price could see a retest of $1.7 before this cycle ends.
At the time of writing, the digital asset is trading at $2.02 after recording a slight recovery from its dip below $2. Cardano ranks fifth in the list of the top ten cryptocurrencies with a market of $67 billion.
Featured image from Bitcoin News, chart from TradingView.com