ALTCOINS: As the market enters July in a relatively neutral context, the Cardano cryptocurrency is still continuing its downtrend
As the market enters July in a relatively neutral context, the Cardano cryptocurrency is still continuing its downtrend. Recent analyzes carried out on the token network reveal that almost 90% of Cardano addresses are already in the red.
At the same time, ADA’s transaction volume is plummeting, as is the number of active addresses. Most investors seem to be turning to more promising crypto projects like Wall Street Memes.
Cardano Blockchain Network Records Decline in Transaction Volume
According to the analyzes carried out, it is estimated that around 90% of Cardano addresses are currently in the red. The same analysis indicates that nearly 7.11% of the addresses on the network could produce a profit if sold at the current market price, while about 3.1% could be sold without profit or loss.
This new data shows that the number of loss addresses continues to increase over time since only a few days ago the number of addresses in the loss zone was still around 80%.
Apart from addresses in loss situations, analytics from the analytics platform also revealed that Cardano’s trading volume has dropped significantly. This comes as the network had seen a sharp rise recently.
The decline in cryptocurrency transaction volume also coincides with the decrease in the number of large investors on the platform, which has seen the loss of two large addresses in recent weeks.
Currently, approximately 22.35% of the ADA token supply is in the hands of 140 large investors. Thus, 9.4% are installed in the addresses of three crypto-whales, while the majority, around 68%, is distributed among small investors.
The number of daily active addresses has decreased by 100%, while the total number of ADA addresses continues to increase
The new data provided by IntoTheBlock also raised the fact that the number of active addresses has decreased significantly over the past seven days. They experienced a 100% drop during the week.
Nevertheless, the total number of addresses on the Cardano network continues to grow. Indeed, the average number of addresses on the network was around 4.4 million over the past 30-day period.
