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Cardano, the 10th largest cryptocurrency has witnessed growth, with 4.8 million unique wallets now holding ADA, indicating increased interest and engagement in the Cardano network.
Cardanians, an ADA-focused community X account, reported this milestone, referencing a recent report published by ReserveOne.
Digital asset management firm ReserveOne recently published a one-page report, which it titled "Cardano by numbers," where it highlighted 4.83 million unique wallets holding ADA, marking an annual growth rate of nearly 18%.
The report stated that "Cardano's growing real-world use cases demonstrate its viability for secure, decentralized transactions" while also pointing out Cardano's recent institutional adoption milestones.
In recent institutional adoption boost, Grayscale rebalanced the components of its smart contract platform fund, with Cardano (ADA) accounting for 18.57%.
Cardano (ADA) price
At press time, Cardano was trading down 2.65% in the last 24 hours to $0.874. Cardano saw a sharp sell-off at the start of the week, extending a drop from a high of $0.987 on Aug. 17.
An hourly death cross has formed amid the sell-off, indicating short-term bearish pressure. However, the price swiftly made a rebound from a low of $0.837, denying the bearish crossover.
A rebound off this key level signals buying at lower levels. The bulls will then try to resume the up move by pushing the price above $1.02. If they do that, ADA could skyrocket to $1.17.
If bearish pressure returns, a drop below $0.837 might sink ADA price to the 50-day SMA at $0.75.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team