Santiment, a crypto analytics firm, has recently stated that there are some bullish fundamentals developing behind the scenes for Cardano (ADA), the 6th largest cryptocurrency by market capitalization.
According to the analytics firm, Cardano bag holders that are holding between $10,000 and $1 million worth of ADA have suddenly doubled down on their investment in ADA, adding over 13% more coins to their holdings.
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Santiment tweeted, “Cardano’s price, like many altcoins, have plummeted in the past 10 days, dropping -34%. However, large addresses holding between $10,000 and $1 million ADA, own 113% more in their collective bags since the drop on January 17th, accumulating $53.6 million in tokens.”
As for Ethereum (ETH), Santiment says the second-largest cryptocurrency is keeping a steady uptrend in active addresses. According to the analytics firm, this should support the stability of the price of the digital token ETH in the market.
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Captioning an illustrative chart, Santiment wrote, “Ethereum has regained the $2,550 level to end the week. With Bitcoin ending the week with a nice push of its own, and ETH’s active address remaining stable, the [number] two crypto asset by market cap should maintain stable prices if utility continues rising.”
Santiment is also closely watching the decentralized oracle platform Chainlink (LINK). According to the crypto analytics firm, weak LINK holders have been flushed out over the course of the recent market correction, adding that FUD (fear, uncertainty, and doubt) has possibly reached its peak.
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Santiment tweeted, “Chainlink’s price was cut in half between January 10th and 24th. The crowd predictably became quite negative toward the popular ETH-based asset. Today, with the FUD appearing to be at its peak, LINK has rebounded a modest +7% in the past four hours.”
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