Cardano Investors Suffer As Vast Majority Of ADA Holders Nurse Losses
With the crypto market down, Cardano investors have been subject to disappointing performances from its native cryptocurrency ADA. These holders are among the worst hit in the industry, recording the world...
With the crypto market down, Cardano investors have been subject to disappointing performances from its native cryptocurrency ADA. These holders are among the worst hit in the industry, recording the world profitability margin out of the largest cryptocurrencies by market cap.
Only 14% Of Cardano Are Seeing Profits
Out of the top 10 largest cryptocurrencies by market cap, Cardano investors are the ones seeing the most losses. At current prices, data from IntoTheBlock shows that the vast majority of ADA investors are in the red with a total of 81% currently out of the money, meaning that the prices where these coins were last moved were higher than what the coin is trading at right now.
With such a large number seeing losses, it leaves only a small 14% of investors who are seeing profits at present prices. The rest of the investors, which amount to 5% of total wallets, are sitting at neutral, as they purchased 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 profitability margins higher than 40% for their holders.
Price-wise, the digital asset is also one of the worst performers. It is currently down over 89% from its 2021 all-time high of $3.10, still way behind its top competitors which are sitting at less than 70% losses from their all-time high values.
ADA On The Charts
The sentiment around Cardano (ADA) during this time is still skewing greatly toward sell. This is a result of the digital asset failing to hold above the $0.35 level and falling below its 50-day moving average. The sell pressure mounted as investors rushed to secure the slight gains from the last couple of weeks before ADA completely sheds it.
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 which it is currently holding above. However, just above $0.33 is significant resistance being mounted by the bears, effectively holding the price of ADA in place for now.
Interestingly, the ADA volume has seen an increase over the last day. It is over 25% higher than the volume the prior day, reaching $278 million on Wednesday morning. But unfortunately, this has not spilled over into other aspects of the cryptocurrency.
ADA’s price is down 1.78% over the last 24 hours to be trading at $0.324, and recording losses of 10.35% on the seven-day chart.
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Bitcoinist, chart from TradingView.com
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