Cardano price review; 67% of investors are at a loss
As the price of Cardano drops to the psychological level of one dollar, the number of investors who feel that they have suffered irreparable losses by maintaining this digital currency is increasing.
To Report Cardin Kevin Telegraph experienced a downturn in the trading market. Prices have fallen 11.4 percent since Monday, pushing many investors out of the digital currency market. More painfully, Cardano’s price fell 64.7 percent from the highest price of the digital currency on September 2 (September 11), which was $ 3.09.
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According to the In / Out of the Money Index of the IntoTheBlock website, more than two-thirds, or more precisely 67%, of Cardano holders are at a loss. A quarter of them are in profit and the remaining 9% are in the lead.
The index measures the average purchase cost of this digital currency and compares it to the current price, which at the time of writing is $ 1.09.
According to the website, 3.41 million Cardano wallet addresses are at a loss and only 1.25 million at a profit.
Another relevant indicator is how long investors hold a digital currency. The vast majority, or more precisely 76% of Cardano holders, have kept this digital currency for between one and 12 months. Only 11% of investors have been Cardano investors for more than a year, and they are the ones who are currently making a profit.
Technically, Cardano’s price trend has dropped and it is possible to return to the level of $ 0.80 at any moment. This is actually the lowest price of Cardano in the new year, which reached the price of this digital currency in mid-March. This could put more investors at a disadvantage or force them to leave the market at a loss.
This price reduction may be due to the failure to meet the high expectations of the members of this network to launch smart contracts. In terms of the number of decentralized applications (DApps), Cardano is still like a barren land. According to DeFi Llama, there are only ten decentralized financial protocols (DeFi) on the network, valued at a total of about $ 233 million.
However, one of Cardano’s co-founders, Charles Hoskinson, believes that many of Cardano’s decentralized programs are awaiting the launch of Vasil Hard Fork in June. In the Cardano upgrade roadmap, the Basho phase will focus on scalability development and smart contracts with a new technology called Hydra, which will further increase the network’s operational capacity.
In terms of other fundamental criteria, Cardano has been relatively successful. Earlier this year, demand on the network broke its record with the launch of the decentralized exchange SundaeSwap.
According to Santiment, last year Cardano owned the most developed digital currency project in Githab. Cardano Non-Profit (NFT) tokens were also unveiled this week to make another investment tool available to the Cardano user community.
However, the situation will remain the same until investors in the Cardano market are willing to invest in this digital currency, and Cardano sales may even increase and hurt more investors.