- The majority of Cardano’s ADA holders are facing losses.
- The prolonged dip in the price of ADA has influenced market sentiment.
- The broader Cardano ecosystem is exhibiting innovation and growth.
The Cardano community is currently experiencing a bumpy ride as the native cryptocurrency ADA struggles to keep up with the current bearish trend in the market.
According to data from IntoTheBlock, a majority of ADA holders are currently faced with losses, with 84% ‘Out of the Money’, only 12% seeing any profits, and 5% in a neutral zone at the time of writing.
The performance of ADA puts it amidst the most affected cryptocurrencies in the market, with profit margins significantly lower than other top 10 cryptocurrencies, wherein ADA currently claims the #7 rank by market capitalization.
In contrast to the losses for ADA holders, Bitcoin (BTC) is currently recording profits for 61% of holders, Ethereum (ETH) is standing at 56% of holders in profit, and Polygon (MATIC) is at 42% of holders in profit.
Despite the price of ADA remaining in the doldrums, the broader Cardano ecosystem is exhibiting innovation and growth, a positive sentiment that has yet to be reflected in the network’s native cryptocurrency.
The Ups and Downs of Cardano
Despite the price of ADA trending in a downward trajectory this week, the broader ecosystem has displayed notable growth, with notable developments being announced across the network, hinting that the Age of Voltaire is around the corner.
However, the prolonged dip in the price of ADA has influenced market sentiment, as the cryptocurrency is currently down by more than 89.89% from its all-time high of $3.09 on September 2nd, 2021.
All-time Price Chart for Cardano. Source: CoinMarketCap
On the bright side, DeFiLlama indicates that the ADA-denominated Total Value Locked (TVL) within the Cardano blockchain has reached an all-time high of 341 million ADA.
In another recent development, Allianz Netherlands has selected Cardano to manage all defined contribution (DC) pension arrangements for its insurance franchise and premium pension institution (PPI), a combined mandate totaling approximately $2.1 billion.
Input Output (IO) has announced a Mithril v2310.0-prerelease on March 8th to “allow faster bootstrapping of Cardano nodes.’ Furthermore, Cardano-based crypto asset lending platform Aada Finance (AADA) has recorded a notable week, doubling its TVL and handling more than $1.7 million of the Cardano ecosystem.
At the time of writing, ADA is yet to catch up to the uptrend, trading at $0.31 USD, recording a dip of 20.52% over the past thirty days. In response to Cardano’s native token being just 31.14% above its cycle low of $0.24 on January 7th, 2023, the market outlook for ADA is reported as ‘Mostly Bearish’.
On the Flipside
- Some community members have suggested that the development of the Cardano ecosystem inspires positive sentiment, but still question when their current bearish investments in ADA and CNFTs will turn around.
Why You Should Care
Cardano’s native cryptocurrency ADA is facing a bearish trend, with the majority of holders facing losses. Despite the dip, the broader Cardano ecosystem is exhibiting growth in terms of innovation and expansion, attesting to a bigger picture for the future of the network.
Read more about Cardano’s decentralized stablecoin DJED:
DJED: Cardano’s Decentralized Stablecoin
Read more about some developments in the Cardano ecosystem:
Cardano-based JPG Store Opens Early Access for No-Code NFT Tool
Sourced from dailycoin.com.
Written by on 2023-03-09 20:15:00.