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ADA 
BTC Although Bitcoin is still moving sideways within a certain range, the veteran altcoin Cardano has stood out as the best performing cryptocurrency among the top 100 crypto-assets by market capitalisation, with a weekly increase of 25%.
ADA has recently become one of the prominent altcoins on the market, with its price touching US$0.195 for the first time since July 4.
On-chain data reveals investor behavior
In response to this situation, cryptocurrency analysis platform Sanitation pointed out that although prices and market value have increased, on-chain data reveals a noteworthy picture of investor behavior.
According to Sand, the number of wallets with non-zero balances on Cardano's network has dropped by 7070 compared with two months ago. This suggests that while prices are rising, retail investors have not yet returned to the market on a large scale.
Against this background, Sand analysts assess that despite higher prices, the decrease in the number of active investors means that larger investors or institutional buyers are absorbing selling pressure in the market and supporting this round of gains. It is worth noting that retail investor interest has not yet fully kept pace with the current rally. In other words, retail investors are still unaware of the rise in ADA.
Technological progress helps rise
Sanctuary added that Cardano's rise also benefited from technological advances. It is reported that work on the Leios test network on the Cardano Network is still continuing, and the Hydra expansion plan has also made progress. In addition, Mithril upgrades, Pyth network integration and a new round of financing under Project Catalyst are also believed to have contributed to the growth of the ecosystem.
* This article does not constitute investment advice.
