Volume Of ADA Staked On Cardano Network Reaches Record High

News BTC

Cardano holds bragging rights for the network with the highest proportion of its circulating supply staked and it has not let go of this title. Cardano’s community is home to investors who are investing for the long term rather than trying to take short-term profits from the market. This means that most investors have their coins staked on the platform to serve as validators on its proof of stake mechanism.

The blockchain has grown in popularity since it announced smart contracts capability in September. Since then, various partnerships and initiatives focused on increasing usability on the network have been announced. This move seems to have paid off as Cardano saw a record number of total circulating supply hit an all-time high this week.

How To Get Free Crypto  

Total ADA Staked Hits 73% Of Supply

Cardano saw the total ADA staked on its network hit a high of 73.15% on Thursday, an impressive number compared to the number of coins staked on its direct competitors. At this point, the network had a total of 23.9 billion ADA staked across 921,323 delegators. The total circulating supply of ADA is only 33.26 billion coins, meaning that only less than 10 billion are not staked.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Related Reading | New Ethereum-to-Cardano Bridge Will Provide NFT Creators Eco-friendly Options

This represents the growing confidence in the future of the project, which some in the space have claimed to be the blockchain of the future. An interesting fact behind Cardano’s staking network is that the coins are not locked in place. Unlike Ethereum, ADA holders are still able to transfer out their staked coins if they wish to sell. However, a large proportion of its community has chosen to stake, speaking volumes to the faith of its holders in the project.

Cardano Performance In The Market

Despite its impressive new partnerships and projects, Cardano has not fared too well in the crypto market. The altcoin has not followed the rising trend of bitcoin in the past weeks, which has left ADA struggling to maintain its value above the $2 level. Short-term forecasts for ADA are also generally bearish given the lagging momentum of the digital asset.

Get 110 USDT Futures Bonus for FREE!

ADA price struggles to hold $2.02 | Source: ADAUSD on TradingView.com

ADA has greatly fluctuated in recent times and Wednesday saw the altcoin crash below $2 for the first time in over a month. The price of the digital asset had promptly recovered after the crash. However, the damage had already been done. ADA’s loss of steam over the past few weeks became even more evident as the price struggled to hold above $2.01.

Coinbase Banner  

Related Reading | Cardano, Solana Lead Altcoins As Market Sees Record Inflows

Forecasts remain bleak for the asset, especially now. Since it has so far not rallied with the rest of the market alongside bitcoin, Cardano’s price could very well see a retest of $1.7 before this cycle is over.

At the time of writing, the price of the digital asset is trading at $2.02 after posting a small recovery from its dip below $2. Cardano sits at 5th place on the crypto top 10 with a market of $67 billion.

Featured image from Bitcoin News, chart from TradingView.com

Go to Source
Author: Best Owie


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.