Cardano (ADA) Rises 29.87% but Struggles Against BTC, ETH
The Essentials in Brief
The cryptocurrency Cardano (ADA) has seen a rise of 29.87% in the last 30 days, but is struggling to generate gains for market participants. Compared to Bitcoin (BTC) and Ethereum (ETH), transactions on Cardano were less profitable. However, an improvement could be on the horizon if the circulating supply of ADA decreases.
Cardano Compared to Bitcoin and Ethereum
Despite a significant increase in recent days, the situation on the Cardano network has not changed substantially. According to on-chain data from Santiment, the ratio of profitable to loss-making ADA transactions was negative. In contrast, BTC and ETH had a positive ratio.
Past Catches Up with Cardano
At the time of reporting, the profit-to-loss ratio for Ethereum was 2.3 and for Bitcoin 1.8. For Cardano, however, this value was -0.38. This decline could be attributed to ADA’s performance in 2023. While the prices of Bitcoin and Ethereum rose, ADA struggled. This explains why the 365-day performance of BTC and ETH surpassed that of ADA.
Future Prospects for Cardano
Despite criticism of its performance, Cardano’s potential in the upcoming altcoin season could be immense. A rise towards $0.70 could lead to more ADA transactions becoming profitable. However, if the price falls below $0.62, the loss-making on-chain transactions of ADA could increase.
Other Aspects of the Cardano Network
Another important aspect is the circulating supply of ADA. This shows the number of tokens used in transactions within a certain period. Currently, the one-day circulating supply of Cardano has dropped to 144.42 million. This decline could be profitable for ADA holders, as a high circulating supply would imply selling pressure.
Our Assessment
Despite the decline of ADA holders, it cannot be concluded that confidence in ADA has eroded. In some cases, the participants involved may have switched their beliefs to other tokens. In the long run, however, ADA could provide relief for holders who had to accept a 91.74% decline from the all-time high.
Sources: Santiment, AMBCrypto, Victor Olanrewaju, Saman Waris
| Symbol | ADA |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
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| Cons |
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| Price | $0.73 |
| 24h % | -2.22 % |
| 7d % | 29.27 % |
| 30d % | 104.09 % |
| 60d % | 107.06 % |
| 1y % | 94.54 % |
| Market Cap | $26,248,019,538.00 |
| Max. Supply | 45,000,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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