Diamond Hands: Cardano ($ADA) Median Hold Time on Coinbase Nears 200 Days
The median hold time that users on the Nasdaq-listed cryptocurrency exchange Coinbase hold onto the native token of the smart contract platform Cardano ($ADA), before either selling it or moving it to an external address, is close to 200 days.
According to data from Coinbase’s price pages, the typical hold time for its users invested in Cardano is now 194 days, and is well above the typical hold time of other major cryptocurrencies including Bitcoin ($BTC) and Ethereum ($ETH).
The cryptocurrency exchange notes on its page that a long hold time “signals an accumulation trend” while a short hold time “indicates increased movement of tokens.” Cardano’s typical hold time on the exchange has notably kept on rising since the feature was added.
The exchange’s price pages further show that Cardano is the 6th most popular cryptocurrency on the platform, and that the cryptocurrency was mentioned in 18,800 out of 1.86 million social media posts since February 14, marking a 4.41% increase in volume.
While the exchange notes most users on social media are “mostly neutral” on the cryptocurrency, as $ADA has recorded its highest returns in 18 months in January of this year after its price rose 58.9% to $0.39. Its performance was the best it has seen since August 2021, and made it one of the strongest assets by performance among the top digital currencies.
According to CryptoCompare’s latest Asset Report, which details its performance saw it outperform the MVIS CryptoCompare Digital Assets 100 Index (MVDA), a market cap-weighted index that tracks the performance of the 100 largest digital assets that recorded a return of 31.7%.
Cardano’s price action, CryptoCompare details, was accompanied by a spike in trading activity, with its trading volumes on centralized exchanges rising 158% to $9.87 billion. The surge marked the first increase in trading volume the cryptocurrency has seen in 13 months in a “much-needed rebound after hitting the lowest monthly trading volume since October 2020 in December 2022.”
CryptoCompare’s report also details that in January, there was a 49.9% increase in the Total Value Locked (TVL) on the Cardano blockchain, reaching $99 million. This marked the first increase in TVL in six months and was the highest recorded on the Cardano network since August 2022.
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