The cryptocurrency community expects the Cardano ($ADA) price to experience a bullish move during the month of March, at a time when cryptocurrency adoption continues to grow.
According to more than 1000 users on the price of the CoinMarketCap cryptocurrency Dear AllOn average, respondents predicted that ADA would end the month of March trading at $0.3971 per token, above the $0.3377 the cryptocurrency is currently trading for, or more than 17% higher.
The cryptocurrency community seems to be getting more bullish as time goes on, predicting a near 25% rise for July to $0.42. It is important to note that the predictions of the cryptocurrency community may not come true at all.
According to the platform, the historical accuracy of the community is just over 53% and recent data shows it hovering around 80% in January and February 2023 after being at 6.8% in December.
This positive outlook is due to Cardano's growing adoption as a platform for decentralized applications (dApps) and its focus on sustainable and efficient blockchain technology. The total value locked in Cardano's decentralized pledge space, for example, has grown to exceed $110 million this year, up from less than $50 million in December.
As CryptoGlobe reported, Polkadot ($DOT), a blockchain network often described as a "blockchain of blockchains," and Cardano were the top two cryptocurrency networks by development activity last month.
It should be noted that development activity is a metric that measures development activity in projects' public GitHub repositories and does not include work in private repositories.
In particular, users of Coinbase, the Nasdaq-listed cryptocurrency exchange, are holding on to their Cardano holdings for longer periods than most other major cryptocurrencies, according to data from Coinbase's own pricing pages.
The typical wait time for Coinbase users investing in Cardano is now 195 days, well above the wait time for Bitcoin ($BTC) and Ethereum ($ETH). Data shows that Coinbase users tend to accumulate Cardano over time, as the typical wait time has steadily increased since the feature was added.
A long hold time is seen as a positive sign in the cryptocurrency market, indicating an โaccumulation trendโ among investors.
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