Throughout its history, Cardano (ADA) has risen to become one of the most adored cryptocurrencies, solidifying its position among the top 10 largest cryptocurrencies by market capitalization. Nonetheless, despite the significant growth of the Cardano network, investors in its native ADA token have faced dwindling levels of profitability over the past two years.
How Many ADA Holders Are Currently Experiencing Gains?
According to data from the on-chain monitoring platform IntoTheBlock, ADA appears to be the weakest performer among the top 10 cryptocurrencies in terms of profitability. While other assets in the top 10 have managed to maintain a reasonable level of profitability for their holders during the bear market, ADA’s performance has been sharply negative.
Consequently, the tracker reveals that the percentage of ADA investors currently in a profitable position has dwindled to 0%. A concerning 95% of holders are reported to be experiencing losses, while 4% are in a neutral position. This neutrality signifies that the prices at which these tokens were last transacted align closely with the current price of the altcoin.
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To provide some context, Bitcoin, the dominant cryptocurrency in the market, currently has 64% of its holders in a profitable position. Ethereum, the second-largest cryptocurrency, boasts 52% of its holders in profit. Dogecoin, which ranks one position above Cardano, has 41% of its holders enjoying profit.
Furthermore, the ADA holder base is predominantly composed of mid to long-term traders. As per data from IntoTheBlock, 39% of all ADA holders have retained their coins for a duration ranging from 1 to 12 months, while the remaining 61% have held their ADA for more than a year.
Cardano Continues to Show Resilience
Despite the coin’s subdued profitability, investors appear to be eyeing ADA’s current price level as an attractive entry point. This sentiment is evident in the CoinShares Digital Asset Fund Flows Weekly report, which revealed Cardano’s resilience amidst significant outflows from digital asset products. Notably, Cardano continued to attract inflows, with institutional investors injecting an additional $0.43 million into the asset.
Crypto analysts are also expressing optimism about the coin’s potential. One analyst, Kara Szabo, has made a bullish prediction, foreseeing ADA’s price reaching as high as $5 in the upcoming bull market. Szabo contends that the altcoin is currently in an opportune price range for accumulation.
Another analyst, known as Hashtoshi, echoed this positive sentiment in an interview, anticipating that the altcoin will surpass its previous all-time high price set in 2021. Hashtoshi attributes this anticipated surge to the network’s design and the robust community support underpinning the token.