The latest on-chain data analysis by IntoTheBlock points out a striking fact regarding the cryptocurrency altcoin Cardano ADA. It reveals that a significant 95.69% of ADA holders are currently facing losses. This raises concerns within the Cardano community. It also sparks debate about the future of cryptocurrency.
Current status of altcoin Cardano
According to the latest data reported by CoinMarketCap, altcoin Cardano is currently trading at $0.247524. In the last 24 hours, ADA witnessed a 15% decline in trading volume at $115,965,801. Additionally, Cardano’s value dropped by 0.94% over the past day. Additionally, its weekly chart reflects a decline in price of approximately 4%.
On-chain data from @intotheblock shows 95.69% of $ADA holders are currently in the red, creating a tough period for the #Cardano community as prices drop. Will $ADA reach its all-time high (ATH)? Share your thoughts below. #CryptoInsights 💭📉🚀 pic.twitter.com/4CQo1YPKaO
— Crust Bestie |Emmy |🥰 (@Crustbestie) September 12, 2023
In the CoinMarketCap rankings, altcoin Cardano is currently ranked 7th. It also has a market value of $8 billion. While the circulating supply of ADA coins is 35,098,185,063, the maximum supply is limited to 45,000,000,000 ADA coins. These figures provide insight into the ongoing dynamics within the Cardano ecosystem as it grapples with challenges in the broader cryptocurrency market.
Bullish outlook on Cardano (ADA)
Despite Cardano’s recent performance and the concerns it raises, there are different approaches. Accordingly, crypto analyst Hashoshi remains bullish on the project. In a recent interview, Hashoshi praises the problem-solving capabilities of the altcoin Cardano. It also underlines the potential for growth through the development of practical use cases and increasing liquidity. Hashoshi expresses confidence in the future of altcoin Cardano. On the other hand, it highlights its leading position in the crypto space and its unique problem-solving approach that draws support from certain crypto communities.
It acknowledges both positive and negative decisions made by the Cardano project. But he believes in the potential for recovery. The delay in smart contract launch has affected adoption. However, Hashoshi thinks that the design of the altcoin Cardano is well suited for future growth. He also says it could outperform other projects in the crypto space. Increasing use cases and liquidity have the potential to take ADA to new heights. On the other hand, future price increases depend on utility rather than speculation.
Positive opinions from other analysts for altcoin ADA
Dan Gambardello, founder of Crypto Capital Venture, shares his bullish perspective on altcoin Cardano’s long-term growth prospects. He draws parallels between Cardano and Amazon. Accordingly, Gambardello highlights ADA’s advanced smart contract capabilities, staking utility, and scalability as factors contributing to its promising future.
Gambardello sees the current ADA price as an attractive opportunity for investors. It also underscores Cardano’s potential for long-term success, similar to Amazon’s dominance in its industry. This optimistic feeling is also shared by analysts who believe that the innovative features and strategic position of the altcoin Cardano can pave the way for a bright future.
