Cardano News: Despite the recent price correction in the cryptocurrency market, most existing Ethereum and Cardano holders are profiting. Data provided by crypto intelligence platform IntoTheBlock shows that as of June 29, about 86% of Ethereum holders were in profit. Another remarkable point is that this figure is around 45% for Cardano owners.
Notably, despite Ethereum’s returns, two market signals indicate that the asset is in bearish mode. At the time of writing, the second-ranked cryptocurrency is trading at $2,178, up 8.75% in the last 24 hours. Cardano is trading at $1.40, up 7.33%.
It can be assumed that the profits in the two cryptocurrencies are a manifestation of certain networks that have been in operation in recent weeks. Ethereum remains a notable digital currency in 2021, reaching an all-time high of $4,328.
Factors driving ETH, ADA profitability
Ethereum gained traction after emerging as a central player in the DeFi industry boom. Its role in facilitating the NFT market has been a source of interest for investors. In recent weeks, Bitcoin has faced scrutiny from regulators, along with a few other negative pieces of news. However, Ethereum also remained relatively dormant because the asset had increased utility and usefulness.
Additionally, Cardano has noted a fair amount of attention on the platform’s Blockchain capabilities. Also, the network builds trust among investors with its content developments. Recently, Cardano Blockchain has achieved 100% decentralization in block production, which is a major milestone in crypto circles. As a result, in hopes of witnessing another price rally for the overall crypto industry, ADA is witnessing a surge in staking wallets. For example, at the beginning of June, ADA’s total stake wallets hit a milestone of over 650,000, out of over 2,600 active pools. In addition, the projected continuous development of the network is also increasing the interest in Cardano.