Cardano ($ADA) investors aren’t planning on selling their holdings throughout the cryptocurrency bear market, as a recent poll has shown that most cryptoasset investors who bet on ADA aren’t planning on selling.
The poll, conducted by London Real, saw cryptocurrency enthusiasts vote on which cryptocurrency they plan on HODLing through the bear market, and while Bitcoin and Ethereum were expected responses, 76.9% of respondents voted on Cardano.
The cryptocurrency’s creator, Charles Hoskinson, later on, commented on the poll saying that “Cardano always shows up in force.”
The poll isn’t the only thing pointing to Cardano investors HODLing onto their funds for the duration of the bear market, as users on the Nasdaq-listed cryptocurrency exchange Coinbase have a median holding time for Cardano of 138 days, compared to 123 days for Bitcoin and 96 days for Ethereum.
According to the cryptocurrency exchange, a long hold time “signals an accumulation trend,” while a short hold time “indicates increased movement of tokens.”
On top of that, data from CryptoCompare’s latest Asset Report shows that ADA holder numbers grew 3.92% in May to 705,000, even after growing 29.6% in March and 28.3% in April. Cruisers rose 1.84% last month to 4.22 million, while the number of traders on the network kept on plunging to 275,000, down from 682,000 in March.
The report details Cardano’s developer activity has been growing steadily over the last few months, with commits on GitHub recently growing from 5,314 to 5,939 as the team prepares for the Vasil hard fork, scheduled for June 29.
The report details that Cardano’s price fell 17.1% last month to close May at $0.63, which is the “lowest end-of-month price ADA has seen in over 12 months.” The cryptocurrency’s trading volume against the U.S. dollar notably rose 31.2% during the month, with larger volumes coming with a 173% spike in volatility.
That volatility may be associated with the Vasil hard fork, as the crypto community has predicted that the price of Cardano’s native $ADA token will surpass the $1 mark by the end of June after the network upgrade, which according to Cardano’s Charles Hoskinson will deliver a “massive performance improvement.”
The Vasil hard fork is a major upgrade that will involve four Cardano Improvement Proposals (CIPs).
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