On Sunday, the global cryptocurrency market worth fell 2.6 percent to $1.83 trillion as a result of the Ukraine-Russia situation. Bitcoin, like other economies, plummeted following Russia’s invasion of Ukraine.
However, during the next two days, BTC and altcoins recovered, resulting in a significant upward movement. Even though certain coins have returned to the red zone after a spectacular bounceback, bulls continue to dominate the market.
Traders Continue to Accumulate These Altcoins
Despite the crypto market’s recent price drop, traders are continuing to hold Cardano (ADA) and Chainlink (LINK), according to a leading crypto analytics firm.
Despite the fact that the smart contract platform ADA is down about 73 percent from its all-time high of $3.09 established in early September, according to a tweet from market analytics firm IntoTheBlock, ADA investors haven’t been deterred.
Regardless of the price movement, Cardano’s supporters continue to be strong. The balance maintained by HODLERS (addresses held for more than a year) is at an all-time high. This group of HOLDERS increased their holdings to 10.12 [billion] ADA, the highest level since December 11, 2019.
Cardano is currently trading at $0.86, down approximately 18 percent from its previous high. ADA has also dropped to eighth place in the crypto market cap rankings, one spot behind layer-1 competitor Solana (SOL).
At the time of writing, LINK was trading at $14.09. The 22nd most valuable cryptocurrency by market capitalization is down more than 16.8 percent from where it was seven days ago. The decentralized oracle network has likewise lost more than 75 percent of its value since its all-time high of $52.70 in May.
Despite the massive slump, according to IntoTheBlock, Chainlink investors have been hesitant to sell their LINK. The number of LINK holders has been continuously hitting new highs. 279,440 addresses are now holding Chainlink for over a year. They represent 43.9% of the total holder composition.
Source: https://coinpedia.org/news/traders-are-betting-on-link-and-ada-during-the-dip/