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BTCUSD Bitcoin

66,656.80

-61.30 (-0.09%)

09:22:28 - Realtime Data

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,308,714,267,488	SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-61.30	-0.09%	66,656.80	66,656.79	66,656.80

High Price	Low Price	Open Price	Prev. Close	52 Week Range
66,875.00	66,271.00	66,727.42	66,718.10	24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	09:22:28	0.003713	66,656.80	USD

Price x Volume	Volume	Base Symbol	Related Pairs
113,741,788.94	1,707.93	BTC	BTCEUR	BTCGBP	ETHBTC

Crypto Market Rebounds From Lows, But Why Are Cardano Holders Suffering Losses?

20/07/2024 4:30am

NEWSBTC

Despite the crypto market recovery, a large number of Cardano holders are still nursing losses, leading to speculations as to why this is the case. Data from IntoTheBlock shows that the altcoin is the worst performer in terms of profitability when it comes to the top 10 largest cryptocurrency by market cap, disappointing holders and long-term believers. Cardano Profitability Sits At Only 15% The Cardano profitability has remained low since the market crash of 2022 and even with the market recovery, the majority of investors are still underwater on their investments. This comes as the ADA price has failed to follow the market trend, beaten down at major resistances such as $0.6. and $0.7. Related Reading: Why Did The German Government Sell Off 50,000 Bitcoin In 2 Weeks Currently, IntoTheBlock data shows that only 25% of all Cardano owners are seeing any profit. On the flip side, the vast majority of 66% are currently out of the money, meaning they are in losses. The remaining 9% are sitting at neutral, meaning they are currently at breakeven as the current price is the same as the price the coins were last moved at. With around 4.5 million Cardano holders, this means that only 1.11 million holders are seeing any kind of profit on their holdings. 2.96 million addresses are currently sitting at losses and 397,740 addresses are those sitting at breakeven. From here, if the price were to fall below $0.35 again, another 138,000 addresses will be plunged into losses, further widening the profitability gap. However, if the ADA price successfully moves above $0.47, it will send a fritter 85,590 addresses back into profit. Comparing The Profitability Of Top Cryptocurrencies To show how far behind Cardano is in terms of profitability, we put it up against other top cryptocurrencies for comparison. The largest cryptocurrency in the space, Bitcoin, is currently seeing 89% of all holders in profit with only 7% seeing losses and 5% at breakeven. Ethereum, the second-largest cryptocurrency, is seeing 82% of its holders in profit, 12% in losses, and 5% at breakeven. For Dogecoin, the number is also high, with 75% of all wallets in profit, 23% seeing losses, and 3% at breakeven. Related Reading: Prophet Brandon Briggs Predicts XRP Price Explosion To $10,000 This comparison shows just how badly Cardano is performing compared to its fellow large-cap cryptocurrencies. If the ADA price continues to struggle, the profitability gap could continue to widen from this point, plunging even more Cardano investors into the red. At the time of writing, the ADA price is trending at $0.42, with a 4.4% decline in the last day. However, on the weekly chart, it is holding 5.29% gains after a recovery last week. Featured image created with Dall.E, chart from Tradingview.com

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