Cardano(ADA): The Worst Performing Altcoin in 2023?

Cardano: Crypto Crow and Panel Discuss ADA's Future Amidst CBDC Controversy

Cardano (ADA) has come a long way to be recognized as one of the most competitive cryptocurrencies. Securing its spot, it is one of the top 10 largest cryptocurrencies by market cap in the crypto market. Although the Cardano network has evolved tremendously, investors in its native ADA token have not been as fortunate with profitability levels plummeting over the previous two years.

ADA Holders in Loss

Data from the on-chain tracking website IntoTheBlock reveals that ADA might be the worst performer of the top 10 charts when it comes to profitability. The other assets in the top 10 have managed to retain a sensible profitability level for token holders during the bear market, while ADA has been in free decline.

From the outcome, the tracker indicates that the percentage of ADA investors seeing any kind of profit at this time has dropped to 0%. 95% of holders are reported to be seeing losses while 4% are sitting in neutral domains. This means the prices at which these tokens were last moved correlate with the existing price of the altcoin.

Source: IntoTheBlock

Bitcoin, recognized as the largest cryptocurrency in the market, is sitting at 64% of holders in profit. Ethereum, which is the second-largest cryptocurrency, is at 52% of holders in profit. Dogecoin, which is one spot ahead of Cardano on the list, is at 41% of holders holding profit.

Medium to long-term traders also completely dominate the ADA holder base. According to IntoTheBlock, 39% of all holders have held their coins between 1-12 months, while 61% of all holders have held for more than one year.

In Related News: Binance’s Upcoming System Upgrade: Implications for Shiba Inu(SHIB), Cardano (ADA) and Ripple XRP Holders

Cardano Still in the Fight for Visibility

Despite the coin’s current low profitability, investors continue to maintain an optimistic outlook regarding ADA’s current price, viewing it as a favorable entry point. The CoinShares Digital Asset Fund Flows Weekly report showed that massive outflows from digital asset products kept Cardano strong. Cardano was able to maintain its inflow trend with another $0.43 million flowing from institutional liquidity providers into the asset

Analysts are also very bullish on the altcoin’s potential. Kara Szabo, a crypto analyst predicts that the price of ADA would climb as high as $5 in the next bull market. He says that the altcoin is in a prime price range for expansion.

Hashtoshi, another analyst, also said in an interview that he foresees the altcoin to transcend its previous ATH price mark in 2021. Hashtoshi ascribes this anticipated rise to the network’s layout and strong community backing the token.

Source: Tradingview

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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