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Cardano tops poll as the most held crypto in a bear market

Cardano tops poll as the most held crypto in a bear market

On June 8, the value of Cardano (ADA) saw a sizeable increase, going up by as much as 8% in the previous 24 hours as investors continue to exhibit interest in the asset as the cryptocurrency market begins to show signs of improvement. 

It is worth mentioning that this interest has been brought to light in a number of different ways, the most recent being that the asset came out top of a recent poll titled ‘which crypto are you holding the most in a bear market?

In particular, the poll conducted by London Real on June 7 through Twitter found that Cardano was overwhelmingly the most popular cryptocurrency to hold during a bear market out of 8,861 votes, with 77% of voters selecting ADA.

Notably, there was a significant gap between the percentage of respondents who said they held Bitcoin 11%, Ethereum 5%, and ‘other’ 7% which were the other listed options in comparison.

Cardano ecosystem gains and developments

Earlier this week, Cardano had led the market as the biggest gainer out of the top 100 cryptocurrencies by market capitalization as it climbed more than 13% on June 3.

Big money was also seen moving from Ethereum (ETH) and Solana (SOL) towards ADA, another trend that was seen as Cardano’s re-allocation pace was higher than any other chain, both in terms of percentage and absolute speed.

Meanwhile, it was recently revealed that over 1,000 projects are now building on Cardano as the ecosystem is growing fast, with 1,003 projects already building on the network ahead of the Vasil hardfork.

Projects building on Cardano. Source: IOHK

In light of the fact that the Vasil hardfork update is in the ‘final mile’ and is scheduled to be finished this month and the fact that historical data suggests that ADA’s price increases in the days leading up to a hardfork event, investors will be keeping a careful eye on whether or not they should buy Cardano.

Currently as things stand, Cardano is trading at $0.6327, up 7.34% in the last 24 hours and 3.61% across the previous week, with a total market worth of $21.3, according to CoinMarketCap data.

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