The fourth most valuable crypto asset is currently witnessing record sell-offs amid high profit-taking at the crypto-verse.

At the time of writing this report, Cardano traded at $1.06, with a daily trading volume of $7.4 billion. Cardano is down 11.76% for the day.

Cardano currently has a circulating supply of 31.9 billion ADA coins and a maximum supply of 45 billion ADA coins.

READ: Cardano suffers biggest drop since March 12, 2020

Amid the recent price drop in play, Cardano has experienced an impressive rally of late, as investors have relatively remained bullish on the fast-rising crypto asset on the bias that many crypto pundits believe it has the most decentralized project, and the most friendly and simple staking seen.

Cardano’s current return on investment stands at about 4837%. ADA coin is the name of Cardano.

Cardano (ADA) has been tipped to do well by many crypto experts on the account that it headed towards its smart contract launch last month, leading to a significant amount of applications built on Cardano.

READ: $119 billion valued investment bank, Goldman Sachs starts Bitcoin trading

This means that more developers will see it as an attractive medium for building their desired apps.

Lately, some investors are also of the bias that Cardano could at one point dethrone the world’s utility crypto, Ethereum. Cardano is a type of blockchain that permits people to receive and send funds.

It uses the Cardano blockchain and allows people to design smart contracts just like Ethereum.

Institutional investors are increasing their buying pressure amid recent price corrections prevailing at the world’s most volatile financial market.

Long-term supply decreases as HODLers take profits during bull markets – and increases in re-accumulation phases at cheaper prices.

On-chain data is beautiful. Here a fingerprint of #Bitcoin cycles.

Long-term supply decreases as HODLers take profits during bull markets – and increases in re-accumulation phases at cheaper prices.

Smart money.

Chart: https://t.co/U4h9u8I6wx pic.twitter.com/uSCjUmXrHr

— Rafael Schultze-Kraft (@n3ocortex) March 3, 2021

Very strong on-chain support at $47k – around 500,000 BTC has been moved at that level.

On the bias that there is a large increase in Bitcoin illiquid supply, strong holders are ramping up their positions despite the sell-off.

READ: Why Bitcoin could be worth $1,000,000

Bitcoin is holding up against the macro spectacularly well.

Such data suggest that the Bitcoin Market is transferring Bitcoin wealth from the impatient to the patient.

Data from Glassnode, recently revealed there was a 2% plunge in the number of flagship crypto held on Crypto exchanges between February 23 and March 2. This is equivalent to about 52,900 Bitcoins.

Institutional investors are perceived to be driving Bitcoin’s bullish record-setting run. Amongst them are; Anthony Scaramucci’s Skybridge Capital, Mass Mutual, and Guggenheim (up to 10% of its $5 billion macro funds).

Bitcoin is fired up on all cylinders, smashing its past record highs at the speed of light, and it seems the momentum trade is strengthening as mass media outlets embrace crypto coverage, on the bias that the flagship crypto is attracting significant buying pressure.

Also, the flagship crypto is on its record high amid strong purchases seen in accredited investors gaining more exposure to Bitcoin through the world’s biggest crypto hedge fund, Grayscale, and the CME Bitcoin futures market.