Cardano is one of the most popular altcoins in the market. Many crypto enthusiasts that have been in favor of the digital asset, anticipated that the ADA token might even become the direct competitor of BTC or ETH.
However, the recent price fluctuations seen for ADA have led many to believe that the altcoin might be stuck in downward momentum.
The ADA token has been trading below the $1 mark and saw quite some ups and downs in its price. Here is a graph by CoinMarketCap that shows the price of ADA over the last week.
Cardano hit an all-time high at $3.1 in November 2021, however, the price has been steadily dropping since. It is currently trading at $0.972 (at the time of writing).
Therefore, if you are interested in buying ADA, it is important that you take a look at Cardano’s price prediction first and then invest.
On the other hand, if you want to leverage trade digital assets such as BTC or ETH with up to 100x, sign-up on Bybit today. You can also use this link to claim a bonus on your first deposit.
Claim up to $30,030 in Bonus
What to Know About Cardano Before Investing?
Since the price of ADA has been below the $1 mark for quite some time, 82% of crypto holders are reportedly “out of the money” at the moment.
According to reports:
- 3% of holders are breaking even
- 82% of ADA holders are losing money due to the prolonged drop in the token’s price
- Only 14% of holders are in a state of getting profits
According to data, 11% of ADA holders have been holding the token for more than a year. Let’s take a look at the price movement of ADA over the past year.
Here is a graph by CoinMarketCap.
Approximately 76% of ADA holders purchased the altcoin in the past 12 months. The constant price fluctuations have, therefore, led many to lose their money.
However, the price decline seen for ADA has not impacted the network’s growth. As per reports, the number of wallets on the network was somewhere around 186,000 in December 2020 and is now over 3.2 million in Q1 of 2022.
It has also been reported that the number of wallets that are holding the ADA token has increased by more than 500,000, out of which 453,000 wallets were created in Q1 of this year.
Therefore, even though the price of ADA is not as stable as many would like to see, it is still grabbing the eye of a large audience. However, people who have been holding the token for a long period may have not seen the benefits they expected in the beginning.
Considering these details, it is difficult to assess if Cardano is stuck in a downward momentum or not. Since the crypto space is volatile, anything can happen to the popular altcoin.
However, if you want to invest in a digital asset as well then make sure you monitor the price movements of the asset and choose the best exchange to buy crypto.
What Should Novice Crypto Investors Know?
Cardano is one of the most prominent digital assets in the market. The network itself has made quite a mark as it is known to be advanced and constantly evolving. However, the stagnant or declining price movement seen for the ADA token can make quite the difference as it has put many long-term holders out of money.
Even though the price of the token can take a positive turn any day, it is always best to be careful about making investments in digital currencies.
Therefore, if you are a beginner make sure you know and follow the tips mentioned below.
- Always choose the lowest fee crypto exchange
- Initially invest as much as you can afford to lose
- Always keep an eye on the price movement of the digital asset you are interested in
People who are new to the crypto space and want to invest in crypto can click on SwissBorg or Kraken (U.S. citizens).
Up to €100 in Bonus