The recent price correction in cryptocurrencies has made no impact on the profits of Ethereum and Cardano holders. As per data released by crypto analytics and intelligence platform, IntoTheBlock, almost 45% of Cardano investors and 86% of Ethereum investors are currently holding onto profits.
Although Ethereum has been a rewarding investment for its holders, IntoTheBlock suggested that at least two market signals indicate that the sentiment around the asset is bearish. The number two ranked cryptocurrency is experiencing an upward momentum at present, with its price rising by 8.75% over the last 24 hours. At the time of writing, ETH was trading at $2,178.
Meanwhile, Cardano has also posted gains since yesterday and is up 7.33%, currently trading at $1.40.
It appears that both the currencies are surging as a result of their network activities. This is especially true in Ethereum’s case, which has emerged as a notable digital asset in 2021, with an all-time high price of $4,328 in May.
Ethereum and Cardano’s recent rallies are fuelled by the progress their respective networks are making. For instance, the Ethereum blockchain is becoming increasingly central to the decentralized finance(DeFi) sector. It is also playing a crucial role in facilitating the NFT market, which has pulled more investors towards it.
Lately, Bitcoin has witnessed a surge in scrutiny from regulators and environmentalists. This led to a steep decline in the currency's value, which has also been felt in the wider cryptocurrency market. However, Ethereum has remained largely inactive during this period while making significant progress in terms of utility.
Elsewhere, Cardano too has garnered more interest from investors with its content developments. The network recently attained 100% decentralization status that gave its community complete control over block production. Apart from this, the asset’s staking is also on the rise. Earlier this month, Pooltool, an online platform tracking Cardano stats, reported that the number of wallets staking ADA had surpassed 650,000.
Furthermore, IOHK, the developers behind Cardano, have also discussed the potential of integrating “Stablefees” into the network in a blog post. The mechanism would enable Cardano to offer “fair and predictable transaction pricing” by establishing a base price.