With the decline in the crypto market, Cardano investors have been subject to disappointing performance from its native cryptocurrency ADA. These holders are among the worst hit in the industry, with some of the largest cryptocurrencies by market cap registering world profitability margins.
Only 14% Are Seeing Cardano Profits
Of the top 10 largest cryptocurrencies by market cap, Cardano investors are seeing the most losses. At current prices, data from IntoTheBlock shows that the vast majority of ADA investors are currently out of the money at a total of 81%, which means the prices at which these coins were last transferred are higher than they were at, on which the coin was trading. Now.
Given such a huge number of losses, this leaves only 14% of investors looking to make profits at current prices. The rest of the investors, which account for 5% of the total wallets, are sitting neutral, as they bought their coins at the same price the digital asset is now trading at.
Only 14% of ADA holders are seeing profit | Source: IntoTheBlock
In contrast, other cryptocurrencies in the top 10 such as Bitcoin, Ethereum and Polygon are all seeing profit margins of over 40% for their holders.
In terms of value, the digital asset is also one of the worst performers. It is currently down more than 89% from its 2021 all-time high of $3.10, still far behind its top rivals who sit at losses of less than 70% from their all-time high values.
ADA on the chart
During this time the sentiment around Cardano (ADA) is still heavily tilted towards the sell side. This resulted in the digital asset failing to stay above the $0.35 level and falling below the 50-day EMA. Selling pressure mounted to protect investors’ modest gains over the past few weeks before the ADA is completely phased out.
ADA price trending at $0.32 | Source: ADAUSD on TradingView.com
For now, there is still significant support for the digital asset at the $0.32 level that it is currently above. However, there is significant resistance being faced by the bears just above $0.33, which is effectively stalling ADA price for now.
Interestingly, ADA volume has seen an increase as compared to the previous day. This is up 25% from the previous day’s volume, reaching $278 million on Wednesday morning. But unfortunately, this has not extended to other aspects of cryptocurrency.
ADA price is trading at $0.324, down 1.78% over the past 24-hours, registering a decline of 10.35% on the seven-day chart.
Credit : www.newsbtc.com