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With Bitcoin and the general crypto market posting losses, the number of active crypto users at Bank of America (NYSE:BAC) has fallen by more than 50% from its peak value.

Per ⁦⁩ data, bank’s number of crypto users shrunk to 1 million in November 2021 pic.twitter.com/FLJXzRg2Ae
— Liz Ann Sonders () July 5, 2022

According to a Bloomberg report, the bank’s crypto users fell below 500,000 in May, down from over 1 million in November 2021, at the peak of the last cryptocurrency bull market.

Bitcoin has since fallen from its all-time high of nearly $70,000 to around $21,400 as of press time, in what the bank described as a “grave decline” in cryptocurrency prices. The flagship cryptocurrency recently posted its worst quarterly performance in more than a decade, losing nearly 60% of its value in the second quarter of this year.

To determine the number of active crypto users on its platform, Bank of America examined anonymized internal customer data of clients that invested in digital assets by sending or receiving payments to or from cryptocurrency platforms. As per the report, the number of such transactions has reduced over the last few months.

It is worth mentioning that the said data did not specify what the transactions were for or provide a comprehensive view of all the clients.

Crypto prices along with sentiment towards the asset class have dropped. Bank of America noted that between April and June there was an increase from 21% to 30% in investors who said they had not invested in cryptocurrencies and don’t plan on doing so.

Interestingly, the bank also said that cryptocurrencies account for less than 1% of the overall US household financial assets, adding that “relatively few people view crypto assets as a reliable long-term investment.” This is quite contrary to the comments of several proponents of Bitcoin that have touted the asset as a hedge against inflation

ADA is currently trading at $0.4776, but this is not enough to push the crypto over the $0.5 milestone.
Some factors could help give ADA the necessary push, like the recent Vasil upgrade.
ADA’s price could surge to $2.9 by the end of September before dropping again to $1.11 at the end of 2022.
Cardano (ADA) the 8th largest cryptocurrency in terms of market capitalization, has been seeing some signs of life over the last two weeks. Unfortunately, the same can not be said for the network’s native token, ADA.

According to CoinMarketCap, ADA is currently trading at $0.4776 after a 2.91% increase in price over the last 24 hours. The crypto is also up 6.16% over the last week. However, this is not enough to push the crypto over the $0.5 milestone.

Furthermore, some factors could help give ADA the necessary push. One of these factors is the fact that the long-awaited Vasil upgrade has successfully gone through the testnet.

ADA is also experiencing high activity from investors. Data from the blockchain analytics firm, Santiment, revealed that Cardano reported the highest level of daily developer activity on a week-to-week basis. In other words, Cardano is leading the way in terms of development compared to other cryptos.

Token development activity (Source: Santiment)

As mentioned above, all of these factors could give ADA a much-needed boost to pass the $1 mark. It is even expected that ADA’s price could surge to $2.9 by the end of September before dropping again to $1.11 at the end of 2022.

This $1.11 price point is worth taking note of as it could signal a 140% rise in price for ADA from its current point.

Statistically, all of this could lead to a beautiful rally for Cardano, but currently, ADA’s self-esteem seems still very low.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies