In an analysis of on-chain data provided by IntoTheBlock, it has been revealed that a substantial 95.69% of ADA (Cardano) holders find themselves in a precarious position, grappling with losses as the cryptocurrency experiences a downturn. This challenging period has raised concerns within the Cardano community.
As of the latest data reported by CoinMarketCap, Cardano is currently trading at $0.247524. The cryptocurrency has witnessed a 15% decrease in its 24-hour trading volume, which now stands at $115,965,801. Over the past day, Cardano’s value has declined by 0.94%, and its weekly chart shows a nearly 4% drop in price.
In the CoinMarketCap rankings, Cardano currently holds the #7 spot, boasting a market capitalization of $8 billion. The circulating supply of ADA coins stands at 35,098,185,063, while the maximum supply is capped at 45,000,000,000 ADA coins.
However, these figures shed light on the ongoing dynamics within the Cardano ecosystem as it navigates the challenges presented by the broader cryptocurrency market.
Bullish Analysts See Bright Future for Cardano (ADA)
Despite Cardano (ADA) experiencing a market-wide downturn, prominent crypto analyst Hashoshi remains bullish on the project. In a recent interview, Hashoshi praised Cardano’s problem-solving capabilities, highlighting its potential for growth with the development of use cases and increased liquidity.
While Cardano’s recent price performance has raised concerns, Hashoshi expressed confidence in the project’s future. He emphasized Cardano’s leading position in the crypto space and its unique problem-solving approach, which has garnered support from certain crypto communities.
Hashoshi acknowledged both the good and bad decisions made by the Cardano project but believes in its recovery potential, particularly in addressing design challenges better than other major projects like Algorand and Solana. He suggested that ADA’s price could surge if network conditions improve and Cardano successfully deploys its smart contract capabilities.
Despite the delayed smart contract launch affecting adoption, Hashoshi believes that Cardano’s design is well-suited for future growth and could outpace other projects in the crypto space. Increased use cases and liquidity could propel ADA to new highs, with its future price rally dependent on utility rather than speculation.
Other analysts, like Dan Gambardello, founder of Crypto Capital Venture, also hold a bullish view on Cardano’s long-term growth potential. Drawing comparisons between Cardano and Amazon, Gambardello highlights ADA’s enhanced smart contract capabilities, staking utility, and scalability as factors that contribute to its promising future.
Gambardello considers the current price of ADA an attractive opportunity for investors. He draws similarities between the long-term success of Cardano and Amazon in their respective industries.
Related Reading | Qredo Integrates USDC: Revolutionizes Gas Fees