Cardano (ADA), a blockchain protocol known for its robust performance, is currently facing a troubling situation where the number of addresses experiencing losses has reached an apparent all-time low (ATL).
Market analytics platform IntoTheBlock’s data indicates that the total number of addresses in the red now stands at a staggering 93.61%. This figure equates to just 4.32% of the total wallets registered on the Cardano network, showing a positive net worth.
Currently, 192,270 addresses boasting profitability, while most of the addresses, constituting over 93%, are mired in losses, numbering at 4.71 million. This stark statistic has raised eyebrows within the cryptocurrency community, particularly given Cardano’s recognition as the eighth-largest cryptocurrency.
Cardano’s native coin, ADA, has long garnered attention for its robust blockchain protocol, yet this recognition has failed to translate into sustained profitability for its investors. The coin’s recent price performance has been less than stellar, erasing gains that had previously been accrued over the past few months.
Cardano Bullish Forecast Inspires Hope
As reported by TronWeekly, amidst Cardano’s price fluctuations, the ADA community has found solace in a bullish forecast put forth by the prominent analyst Ali. He has noted that the current consolidation phase experienced by Cardano bears an uncanny resemblance to the period spanning from 2018 to 2020.
According to his prediction, ADA could potentially remain in this consolidation phase until July 2024 unless unforeseen events disrupt the pattern, akin to the 2020 COVID-19 market crash.
Martinez’s optimistic projections indicate that the token could undergo a meteoric rise, soaring to the $6 mark in just over a year. This astonishing prediction implies a remarkable 2,448% increase from ADA’s current value of $0.248 per token.
However, at the time of writing, the coin’s price is trading at $0.246563, with a 24-hour trading volume amounting to $95 million. Over the last 24 hours, Cardano has experienced a 0.30% decline.
The fluctuating fortunes of ADA underscore the volatility inherent in the cryptoy market, leaving investors on edge. At the same time, they await the unfolding of events and market trends that could influence their future investments.