263% rally no more – Here’s where Cardano is heading back to now
Once the most hyped and anticipated project, Cardano is currently probably the most disappointing asset in the crypto space. Not only has it managed to lose all its gained value right now, but more than 91% of its investors are also suffering terrible losses.
Cardano’s price was more influenced by the developments in the space than it was by the broader market cues. Charles Hoskinson and the Cardano community hyped the project up to the point where it seemed like Cardano might end up revolutionizing the industry.
Sadly as soon as the smart contracts were released on the network, the hype died.
The collapse that followed was nothing short of a catastrophe from an investor’s point of view. After touching the highs of $2.9, ADA began falling. It halted for a while around the $1 level, consolidating around $1.01 – $1.06, this is when people started calling it a stablecoin, but even that humor was short-lived.
Today, after a week of straight red candles, the altcoin fell to $0.836. The last time Cardano was at this price point was in February 2021.
Cardano price is currently at $0.83 | Source: TradingView – AMBCrypto
However, except for the price, nothing about the network is similar in the two periods. Back in February 2021, the “rally” put about 94% of its investors in profit, and just 1.04% of investors were in loss. Today 91% of investors are in losses, whereas only 7% are still in profit.
91% Cardano investors are in losses | Source: Intotheblock – AMBCrypto
Secondly, the majority of the traded supply was in profit back then, with volumes touching 1 million ADA regularly. Today over 60k ADA are regularly in losses.
Cardano’s significant supply is in losses | Source: Santiment – AMBCrypto
Furthermore, and definitely one of the
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