Cardano’s ADA Faces Market Downturn Amid Whales’ Reluctance to Invest
- ADA’s ranking drops to 10th by market cap amid a significant price decrease.
- Only 35% of ADA holders are currently in profit, contrasting with BTC and ETH.
- ADA’s on-chain activity declines, reflecting reduced engagement amidst the price drop.
Cardano (ADA), a layer-1 blockchain network, is facing a challenging period as its price continues to drop and its market ranking declines. Notably, ADA is now ranked as the tenth largest cryptocurrency by market cap, following a huge decrease in value. In the last month alone, ADA’s price has fallen by 28%, and it has seen a nearly 22% drop year-to-date, according to CoinMarketCap.
Moreover, recent data from IntoTheBlock shared on X reveals that only about 35% of ADA holders are currently in profit. This contrasts starkly with other major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), where 86% and 81% of holders, respectively, are seeing profits. The situation has led to increased scrutiny of Cardano’s near-term demand potential as more investors are facing losses.
The chart below shows the percentage of holders in profit on several top layer 1 networks
Bitcoin remains king, with $TRX being a close sec…
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