The vast majority of cryptos suffered a significant loss in value during the bear market of the past year. Data from a blockchain analytics firm shows that 80% of Cardano (ADA) investors currently remain in the red. Is the Ethereum killer struggling to find its feet? Will she find a rebound? Let’s take a closer look at IntoTheBlock’s analysis.
A worrying trend for Cardano (ADA)
Blockchain analytics firm IntoTheBlock reported that 80% of Cardano investors are in the red. Only 4% break even on their investments. While 16% are in the green, but have not yet closed or liquidated their tokens. Indeed, ADA is moving in a worrying trend, as it has already been hailed by some as a potential strong rival for ether (ETH). He now seems to be struggling to find his feet in the highly competitive crypto market.
Data from IntoTheBlock shows that 3.53 million Cardano (ADA) addresses are currently experiencing losses, and only 682,920 are beneficiaries. After losing 8% of its value in the past seven days, 173,770 addresses are breaking even. It could get worse if the price doesn’t recover from the drop suffered during the fall of FTX. Currently, the ADA token is trading around 0.3254 USDT.
What future prospects for ADA?
The data thus shows three major groups of unprofitable ADA buyers. However, they do not take into account Cardano (ADA) bought and left on centralized exchanges. The first, consisting of 669,370 addresses, bought ADA tokens at prices between $1.71 and $1.97. The second, made up of 560,940 addresses that opened their long positions between $1.71 and $1.29. And the third group, consisting of 551,610 addresses, invested between $0.4 and $0.5.
Nevertheless, pro-Cardanos remain optimistic. They point out that the project has a strong development team and a solid roadmap for the future. This could make him a strong long-term contender in the crypto-sphere. The community expects Cardano (ADA) to see a rally during the month of March.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
