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Cardano (ADA) is not living up to its investors’ expectations as the number of addresses that have fallen into losses has reached what appears to be an all-time low (ATL). Data from market analysis platform IntoTheBlock (ITB) showed that the total number of loss-making addresses has plummeted to 93.61%.
In real terms, there are currently a total of 192,270 addresses representing only 4.32% of the total registered wallets on the network that have positive net worth at the moment. Addresses with losses of more than 93% are estimated at 4.71 million.
This statistic is remarkably surprising considering the fact that Cardano is a high-performance blockchain protocol. The recognition of Cardano and its native coin, ADA, is also shown in its ranking as the eighth largest cryptocurrency by market capitalization. This recognition, however, has not translated into profitability for the currency.
This is because its price has been on a downward spiral of late, eroding the gains accumulated in recent months. At the time of writing, data from CoinMarketCap shows that ADA is changing hands at a price of $0.2451, down 1.20% in the last 24 hours. Over the past month, the coin lost up to 1.38%, with an accelerated decline in its trading volume in that time period.
Reviving Cardano
Currently, Cardano is listed as one of the digital currencies or protocols with very extensive development activity.
As such, Cardano has proven to have solid fundamentals and development activity to put it on the right path for growth in the near future.
The current bearish outlook right now is a function of the broader market trend and has an important role to play in helping chart a steady recovery for the digital currency.
