After a week-long bearish pull, today the crypto market tries to recover. Most of the cryptocurrencies are signaling green along with Bitcoin reclaiming its $43,500 level and Ethereum trading above the $3,200 level. With Ethereum gaining 1.58% in the last 24hrs, other altcoins too are following ETH.
Cardano Holders Under Pressure!
Cardano is currently up by 2.69% trading at $1.09 over the last 24hrs. But still, numerous traders are facing losses by holding onto Cardano as the currency has dropped to the $1 level.
Since the start of this week, Cardano has seen a downfall of 11.4% and ADA has declined 64.7% from its September all-time high of $3.09.
According to IntoTheBlock, a crypto asset indicator, more than 67% of ADA holders are under loss wherein a quarter of Cardano investors are in green and 9% of these are at a breakeven point. This indicator recognizes the average cost at which the tokens were purchased and compares it with the current price of the currency.
As per the report, 3.41 million ADA addresses are positioned in red when compared to just 1.25 million addresses in green.
Furthermore, 76% of ADA holders have detained the currency between one and twelve months, where only 11% of the Cardano investors have held the token for more than a year and these are the ones who are still at profit.
ADA Price Could Revisit $0.80 Soon
Though ADA price is up by more than 2%, in technical terms, the altcoin is still bearish. The currency could soon fall to the 2022 year’s lowest point at $0.80, seen in mid-march.
On the other hand, Cardano is still not up to the mark in terms of a number of decentralized applications where Defi Llama’s reports say that there are just ten DeFi protocols running on the network and the combined total value locked stands around $233 million.
However, Cardano co-founder, Charles Hoskinson claims that many of the Cardano dApps are waiting for Vasil hard fork launch scheduled for June this year.