Even with the recent bull market in the cryptocurrency industry providing many profit opportunities for investors in various crypto assets, the Cardano (ADA) remains an unknown, registering only 35% of its holders in the green. Is this a sign of an opportunity or a warning sign for the ADA cryptocurrency?
The Cardano blockchain has been standing out among layer one networks, which include Bitcoin (BTC), Tron (TRX), Dogecoin (DOGE), Ethereum (ETH) and Avalanche (AVAX). According to recent data shared by cryptocurrency analytics platform, IntoTheBlock, on April 24, Cardano is currently reporting 35% of token holders in profit.
The survey highlighted that Bitcoin remains the king, with TRON appearing in second place. The DOGE and ETH cryptocurrencies also have the vast majority of their shareholders currently profiting.
According to the data, these are the profit percentages currently: Bitcoin (86%); TRON (85%); Dogecoin (83%); Ethereum (81%); Avalanche (63%); Cardano (35%).
The chart below shows the percentage of holders in profit on several top layer 1 networks 👇
Bitcoin remains king, with $ TRX being a close second. $ DOGE and $ ETH also have the vast majority of holders in profit. $ ISLANDS stands out with only 35% of holders in profit. But this is… pic.twitter.com/x9YwfuNIN4
— IntoTheBlock (@intotheblock) April 24, 2024
Analyst Suggests Potential Bull Run for Cardano Cryptocurrency
A renowned cryptocurrency industry analyst recently shared a bullish analysis in which he suggested a potential bull run for cryptocurrency Cardano (ADA) soon. Ali Martinez based his bullish prediction on analyzing Cardano's MVRV index, noting that the last time this indicator fell below 22%, the Cardano cryptocurrency price experienced an increase of over 75%, suggesting the asset could soon skyrocket.
“The last time Cardano’s MVRV index fell below -22%, the price of $ADA soared by more than 75%. With the ADA MVRV index down -22%, we could see another impressive recovery!” he wrote.
At the time of publication, the cardano price it was quoted at US$ 0,4655, down 6.4% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$468.426.861. In the last seven days, ADA has seen an appreciation in its price of 4.5%.
