Despite the recent surge in the cryptocurrency market, which has presented numerous profit opportunities for investors in various digital assets, the Cardano (ADA) cryptocurrency remains relatively unknown, as only 35% of its holders are currently in the green. This raises the question of whether this is a promising opportunity or a warning sign for ADA.
Among the different layer one blockchain networks, such as Bitcoin (BTC), Tron (TRX), Dogecoin (DOGE), Ethereum (ETH), and Avalanche (AVAX), Cardano has managed to stand out. According to data from cryptocurrency analytics platform IntoTheBlock, as of April 24, only 35% of Cardano token holders are currently making a profit.
The survey reveals that Bitcoin still holds the top position, with TRON coming in second place. Dogecoin and Ethereum also have a majority of their shareholders currently profiting from their investments.
Here are the current profit percentages for these cryptocurrencies: Bitcoin (86%); TRON (85%); Dogecoin (83%); Ethereum (81%); Avalanche (63%); Cardano (35%).
The chart below illustrates the percentage of profitable holders on various layer one networks:
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Bitcoin remains the dominant player, with TRON closely following. Dogecoin and Ethereum also have a significant number of profitable holders. Interestingly, Cardano stands out with only 35% of its holders in profit. However, this situation may present a unique opportunity for investors.
Analysts have suggested that Cardano could experience a potential bull run in the near future. Renowned cryptocurrency industry analyst Ali Martinez based this prediction on the analysis of Cardano’s MVRV index. He noted that the last time this indicator dropped below -22%, the price of Cardano increased by over 75%, indicating the possibility of another significant price surge.
“At the last instance when Cardano’s MVRV index fell below -22%, the price of ADA surged by more than 75%. With the ADA MVRV index currently at -22%, we could witness another impressive recovery!” Martinez explained.
At the time of writing, the price of Cardano is quoted at $0.4655, experiencing a 6.4% decline in the last 24 hours. The cryptocurrency has recorded a trading volume of $468,426,861 during this period. Over the past seven days, ADA has seen a 4.5% increase in its price.
It is important to note that the views and opinions expressed in this article, including those of the author and any individuals mentioned, are solely for informational purposes and do not constitute financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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