Crypto: A massacre in Cardano?
Cardano has been experiencing turmoil and a rollercoaster-like evolution since the beginning of the year, which led some observers to believe that the project still held promise. Is that still the case?
Cardano: A mixed breakeven point?
Is the crypto Cardano (ADA) still a cryptocurrency with high potential? It’s possible. But the numbers, on the other hand, seem to indicate otherwise. This is particularly evident in a recent study of Cardano’s activities provided by the data analysis platform IntoTheBlock.
The study in question is primarily based on the Break Even Price indicator, which examines the breakeven point of an asset. In concrete terms, this indicator determines the selling price of a digital asset that allows for the recovery of initial investments.
Regarding Cardano specifically, the results of this analysis are far from impressive. The numbers show that since the beginning of the year, Cardano’s breakeven point is not in balance.
On average, 3.22 million ADA wallet addresses, the native cryptocurrency of Cardano, are in a deficit, meaning they are at a loss. In parallel, 1.01 million wallets are making profits. In terms of percentages, it represents 26.47% of ADA wallets showing positive figures.
This means that 71.07% of ADA wallets are in the red. Meanwhile, 2.46% of these wallets are at breakeven, generating neither income nor losses. As we can see, Cardano is silent in the crypto market.
This explains why, according to IntoTheBlock, ADA is currently experiencing little enthusiasm, just like the majority of altcoins. The situation is indeed frustrating for many traders, some of whom are selling their assets at a loss.
In the last 24 hours, ADA has remained on a downward trend. The asset has lost 0.19% of its value, trading around $0.38. This performance does not overshadow the relevant solutions that this blockchain brings on a global scale.
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Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.