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Diamond Hands: Cardano ($ADA) Median Hold Time on Coinbase Nears 200 Days

Users of the Nasdaq-listed cryptocurrency exchange Coinbase keep Cardano’s native token ($ADA) for over 200 days before selling or moving it.

According to Coinbase’s price website, Cardano investors’ average hold time is 194 days, far longer than Bitcoin ($BTC) and Ethereum ($ETH).

The cryptocurrency exchange states on its platform that a long hold time “signals an accumulating trend” while a short hold time “indicates increasing token movement.” With adding the option, Cardano’s exchange hold time has increased.

Cardano is the 6th most popular cryptocurrency on the exchange’s price pages and was referenced in 18,800 out of 1.86 million social media postings since February 14, a 4.41% rise in volume.

The exchange states that most social media users are “largely impartial” about $ADA, which had its greatest returns in 18 months in January after rising 58.9% to $0.39. Its performance was the best since August 2021, making it one of the top digital currencies by performance.

In CryptoCompare’s latest Asset Report, it outperformed the MVIS CryptoCompare Digital Assets 100 Index (MVDA), a market cap-weighted index that monitors the 100 largest digital assets, which returned 31.7%.

CryptoCompare reports that Cardano’s trading volumes on centralized exchanges rose 158% to $9.87 billion during its price rise. The cryptocurrency saw its first trading volume gain in 13 months in a “much-needed bounce after recording the lowest monthly trading volume since October 2020 in December 2022.”

In January, Cardano’s Total Value Locked (TVL) rose 49.9% to $99 million, according to CryptoCompare. This was the first TVL increase in six months and the highest on Cardano since August 2022.

 

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