Cardano is down 45.6% from its yearly high of $0.4518 and is showing no signs of slowing down at the moment. Data has shown that at its current price, the majority of Cardano holders are losing money, further showing the state of the cryptocurrency’s price.
Cardano (ADA) addresses in loss is now over 94%, leaving many investors wondering if it’s time to cut their losses and move on.
Cardano (ADA) Addresses In Loss Rise Over 94%
Cardano (ADA) is currently the 8th largest crypto by market cap, with a market cap of $8.65 billion. However, all metrics have pointed to the cryptocurrency losing stream and struggling to receive inflow from investors.
For instance, ADA is down by 7.% in a 7-day time frame. Its trading volume has also fallen by 12.67% in the past 24 hours, showing a lack of interest in either buying or selling the cryptocurrency.
Data from IntoTheBlock’s In/Out of the Money metric has shown the number of Cardano addresses in red is now at 94.15%. The metric, which shows the number of addresses making profits and losses at a cryptocurrency’s current price, shows that the number of Cardano addresses in loss is now over 4.19 million.
Many ADA investors bought in near the peak hype during its all-time high. Of the 4.19 million addresses in loss, 691,480 addresses bought between $1.59 to $2.97, and 608,590 addresses bought between $1.17 to $1.59. On the other hand, only 174,840 Cardano addresses representing 3.92% of the total addresses, are currently at a profit.
Source: IntoTheBlock
Whale transactions have also been quiet on Cardano’s blockchain in the past 24 hours. Another IntoTheBlock metric shows the number of transactions with a value of $100,000 or greater has been in a freefall since May.
Source: IntoTheBlock
Is It Time To Jump Ship?
The low profitability of ADA holders is probably surprising, given the Cardano blockchain’s popularity. According to recent data released by blockchain analytics firm Santiment, the Cardano network is still the most popular among developers.
Cardano developers have also been actively building and introducing exciting innovations to the blockchain and ecosystem. One example of these developments is the updates to its Lace wallet.
Cardano’s founder, Charles Hoskinson, recently dismissed rumors of issues within the blockchain. And as long as developers remain dedicated to improving the network, Cardano will continue to progress as one of the biggest cryptocurrencies.
For long-term believers in ADA, the current low price could actually be an opportunity to stock up in anticipation for the next crypto bull market.
ADA price maintains $0.24 support | Source: ADAUSD on Tradingview.com
Featured image from Zipmex, chart from Tradingview.com
Credit: Source link
