- The price of Cardano (ADA) continued to drop and printed more than 4% loss within 24-hours.
- Data from IntoTheBlock showed that 95% of ADA holders are at a loss.
- Exchange and on-chain signals for ADA are currently in bearish territory.
The crypto market took an unexpected dive following the FED’s recent interest rate announcement, and Cardano (ADA) was no exception. Data from the on-chain tracking company IntoTheBlock revealed that ADA was worth about $0.255384 at press time after the Ethereum-killer suffered a more than 4% loss over the past 24 hours of trading.
This left ADA’s market cap standing at $9.32 billion as well, making it the seventh biggest cryptocurrency in terms of market capitalization. ADA’s price drop over the past day also pushed the altcoin’s weekly performance even further into the red to -21.66%.
When taking a look at some of ADA’s more intricate on-chain metrics, IntoTheBlock indicated that the number of transactions larger than $100k which took place on the network in the last week stood at $14.55 billion. In addition to this, the concentration of large ADA holders stood at 31% at press time.
There has also been a slight decrease in the number of Telegram users in ADA’s official channel. The on-chain tracking firm revealed that the number of users in ADA’s Telegram channel dropped by 0.35% over the past week.
The latest turmoil in the crypto market, as well as the SEC naming ADA as a security in its Coinbase and Binance lawsuits, negatively impacted ADA holders. IntoTheBlock indicated that 95% of ADA holders are currently at a loss.
Many of ADA’s current holders are also long-term investors. At press time, the percentage of ADA holders that have been in ADA for more than 1 year stood at 54%. Meanwhile, medium-term investors (people who have held ADA for 1-12 months) make up 39% of investors. The remaining ADA holders have only been in ADA for less than a month.
Overall, there is still bearish sentiment surrounding ADA. At press time, on-chain signals and exchange platform signals remained bearish.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
