It has fallen from $0.41 to a low of $0.36 (a -12% loss) during the course of seven days without changing prices. It seems like the feeling is strong…
- The bulk of ADA holders in Cardano are experiencing losses.
- The sustained decline in ADA’s price has affected market sentiment.
- The larger Cardano ecosystem is showing signs of development and innovation.
While the native cryptocurrency ADA struggles to keep up with the current bearish trend in the market, the Cardano community is now going through a rough patch.
Data from IntoTheBlock shows that 84% of ADA investors are now “Out of the Money,” only 12% are experiencing any profits, and only 5% are in a neutral position.
With profit margins much smaller than those of the other top 10 cryptocurrencies, ADA’s performance places it among the most negatively impacted cryptocurrencies on the market. ADA now holds the #7 position by market capitalization.
In contrast to the losses experienced by ADA investors, 61% of Bitcoin (BTC) holders are now making money, followed by 56% for Ethereum (ETH) and 42% for Polygon (MATIC).
Although the price of ADA has remained stagnant, the Cardano ecosystem as a whole is showing signs of innovation and expansion, which is encouraging but hasn’t yet been reflected in the network’s native coin.
The Cardano Ups and Downs
Although the price of ADA has been drifting downward this week, the larger ecosystem has seen substantial growth, and significant advances have been revealed across the network, suggesting that the Age of Voltaire is just around the horizon.
The cryptocurrency is presently down by more than 89.89% from its all-time high of $3.09 on September 2nd, 2021, yet the protracted decline in price of ADA has had an impact on market mood.
Positively, according to DeFiLlama, the Total Value Locked (TVL) in ADA on the Cardano blockchain has risen to an all-time high of 341 million ADA.
Another notable development is the choice of Cardano by Allianz Netherlands to handle all defined contribution (DC) pension plans for its insurance franchise and premium pension institution (PPI), a combined mandate worth around $2.1 billion.
A Mithril v2310.0-prerelease is scheduled on March 8 and is intended to “enable speedier bootstrapping of Cardano nodes,” according to Input Output (IO). Moreover, the Cardano-based crypto asset lending platform Aada Finance (AADA) had a noteworthy week, managing more than $1.7 million through the Cardano ecosystem and tripling its TVL.
At the time of writing, ADA was trading at $0.31, a decline of 20.52% over the previous thirty days, and is still lagging behind the rise. The market prognosis for ADA is described as “Mostly Bearish” due to Cardano’s native token being just 31.14% above its cycle low of $0.24 on January 7th, 2023.
On the other hand
- Although some members of the community claim that the growth of the Cardano ecosystem inspires optimism, they continue to wonder when their present bearish investments in ADA and CNFTs will start to recover.
Why It’s Important
The native cryptocurrency of Cardano, ADA, is in a negative trend, with the majority of investors suffering losses. Despite the decline, the Cardano ecosystem as a whole is growing in terms of innovation and expansion, pointing to a more comprehensive outlook for the network’s future.
Learn more about the decentralised stablecoin DJED from Cardano:
Cardano’s Decentralized Stablecoin, or DJED.
Learn more about a few changes to the Cardano ecosystem here:
Early Access to the Cardano-based JPEG Store’s No-Code NFT Tool
