As the price of Cardano falls to the psychological level of one dollar, the number of investors who believe they have suffered irreparable losses from maintaining this digital currency is increasing.
According to the Kevin Telegraph, Cardano 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 Money index on the IntoTheBlock website, more than two-thirds, or 67% of Cardano’s owners, are at a loss. A quarter of them are profitable, and the remaining 9% are in the lead.
The index measures the average purchase price of this digital currency and compares it with the current price, which at the time of writing is $ 1.09.
According to the website, 3.41 million Cardano portfolio 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 majority, or 76% of Cardano holders, have kept this digital currency for between one and 12 months. Only 11% of investors have been investors in Cardano for more than a year and they are the ones who are currently earning.
From a technical point of view, Cardano’s price trend has fallen 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 for placing smart contracts. In terms of the number of decentralized applications (DApps), Cardano is still a barren land. According to DeFi Llama, there are only ten decentralized financial protocols (DeFi) in 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 expected to release Vasil’s hard fork in June. In the Cardano upgrade roadmap, the Basho phase will focus on the development of scalability and smart contracts with a new technology called Hydra, which will further increase the network’s operational capacity.
In terms of other key criteria, Cardano has been relatively successful. Earlier this year, with the launch of the decentralized SundaeSwap exchange, online search broke its record.
According to Santiment, last year Cardano owned Githab’s most advanced digital currency project. Non-profit Cardano tokens (NFT) were also introduced this week to make another investment tool available to the Cardano consumer community.
However, the situation will remain the same as long as investors in the Cardano market are reluctant to invest in this digital currency, and Cardano’s sales may even increase and harm more investors.
Price overview after Cardano; 67% of investors are at a loss, appeared first on Digital Currency.