Daily News | 66% Of ADA Held By Retail Investors – Restoring Faith In Its Future

2023-04-05, 01:13

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![](https://gimg2.gateimg.com/image/article/16806568770405.jpg)

## Crypto Daily Digest: World Bank Warns Of Lost Decade For Global Economy As The US Department Of Justice Seizes Millions In Crypto From Crypto Fraudsters

Good morning, traders! We hope you’ve had a good start to the week, let’s grab Wednesday by the horns!  🚀

In another bearish day for the US stock indexes, declines have been commonplace, with the likes of the S&P 400 and RUSS 2K leading the pack in terms of losses with a combined loss of -3.52%. On the flip side, US commodities was subject to mixed performance in the past day, with the likes of copper shedding -1.87% while ULSD HO gained +1.08%, suggesting that the commodities market is far from doomed to lapse into an all-consuming bearish cycle. Following a similar suit from the previous day, the US treasury data has shown a widespread fall across all categories. The downward bearish trend is likely due to the recent banking crash in America, whereby various banks liquidated and crashed, which has reverberated throughout the global economic stage, particularly financial markets in the US.

The bearish performance of the US stock market has been speculated by various analysts and investors to be a result of the stock market lacking enough resilience to withstand the pressures of intensifying recession woes. These woes have been exacerbated by the recent banking onslaught, which could force the US economy into a recession, which could further devastate the international economy. On a similar note, the World Bank has urged that if Sub-Saharan Africa (SSA) fails to reduce trade costs it could cause the entire global economy to suffer. The SSA, in particular, has been reported to have the highest trade costs for agricultural items, which can cost up to 250% of the real tariff rates to trade. The World Bank has cautioned that SSA needs to slash trade costs by at least half to assist in the regeneration of global commerce, which has been steadily declining since last year. In a recent research paper, the World Bank stated that the long-term effects of the COVID-19 pandemic and the Russian invasion of Ukraine have substantially slowed the world economic growth rate and that lowering international trade prices in high-cost countries could enhance global commerce and potentially boost economic growth.

<a href="/vi/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>'s value rose by 1.76% in the past day, finally pushing it back above the $28,000 threshold, which allowed it to surge above the 1-day SMA and establish the lower $28,000 threshold as a daily support zone. This current market data serves as a testament to various analysts’ theories that BTC may begin to push toward $35,000 in the coming months and that its current growth trajectory will continue to extend following a successful 23% rise in March.

In light of <a href="/vi/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>’s positive surge, a variety of altcoins from across the market have responded well, with the likes of <a href="/vi/price/lido-dao-ldo" target="_blank" class="blog_inner_link">Lido DAO</a> soaring by 10% and <a href="/vi/price/aave-aave" target="_blank" class="blog_inner_link">Aave</a> soaring by almost 5% respectively in the past day.
## Topic of the Day: 66% Of ADA Held By Retail Investors – Restoring Faith In Its Future

Having temporarily been dethroned as number 7 in the cryptocurrency global market ranking, <a href="/vi/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a> has returned with a vengeance to reclaim its title from <a href="/vi/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> in the past 24 hours. This can be attributed to recent data that has shown that 66% (or around 22.63 billion ADA) of <a href="/vi/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a>’s total supply is now held by retail investors, which is a substantial increase from the previous year, where the figure stood below 40%. The firm has addressed this data surge as being a testament to the “strong belief in the asset and its growth potential”.

Over the years, <a href="/vi/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a> has garnered support from investors across the cryptocurrency market for being a robust and efficient smart contract platform that facilitates the creation of dApps for an array of DeFi use cases, including lending, borrowing, trading, and NFTs. With a plethora of upgrades over the years, which is set to be added to with the upcoming EVM compatibility upgrade to the Milkomeda (Cardanio’s EVM layer), <a href="/vi/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a> has established itself as a highly reputable and forward-thinking blockchain. Having recently lauded the platform as being “pretty special”, <a href="/vi/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a> founder, Charles Hoskinson, has taken to Twitter to share a range of data metrics relating to the surge of retail investment in the asset and the number of unique wallets participants in staking – ultimately suggesting that the future of <a href="/vi/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a> is bright.

### <a href="/vi/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a> (ADA) $0.3933 (+2.29%) - Bullish Outlook

**Overview:**
Closest daily support zone: 0.3913- 0.3943
Closest daily resistance zone: 0.1001- 0.1004
Key Level: 0.3994 (Monthly High)

![](https://gimg2.gateimg.com/image/article/168065704511.png)
<a href="/vi/price/cardano-ada" target="_blank" class="blog_inner_link">ada price</a> Data (Data Courtesy of CoinMarketCap)

Across the past day, <a href="/vi/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a> has been privy to moderate price growth, totaling 2.29%, adding to a weekly growth of 7.28%. As a result, <a href="/vi/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a> was able to attain a monthly high of $0.3994, a level not seen since early Q1 of 2023. The current positive data benchmarks provided by <a href="/vi/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a> have seemingly exacerbated the current bullish price momentum and serve as a testament to the level of community faith in the asset and the ecosystem. As of now, <a href="/vi/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a> is trading hands at an average of $0.393 and looks to be heading on an upward trading trajectory once again. This means that <a href="/vi/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a> is likely to continue this growth trajectory in the coming day, which could potentially lead it to test the monthly high reached today and push further toward the target zone of $0.4.

**Daily Resistance zones**
0.3869-0.3887
0.3974-0.3994
0.3921-0.3946

**Daily Support zones**
0.3867- 0.3895
0.3913- 0.3943
0.3958-0.3971

<div class="blog-details-info">
<div>Author:**Matthew Webster-Dowsing**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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