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The digital currency ecosystem is exhibiting one of its most volatile sessions in months, and among the top altcoins around, Cardano (ADA), Avalanche (AVAX) and Lido DAO (LDO) deserve some special attention. The reasons for this submission are not dependent on their current price outlook but rather on some other key on-chain metrics and the fundamental prospects of the projects.
Godfrey BenjaminTo start with, Cardano is currently down by 5.07% to $0.3719, Avalanche has retracted its steps and is down 6.59% to $22.06, while Lido DAO is down by 11.32% to $2.16. Despite this downturn, Data from IntoTheBlock shows that the number of wallets in profit for each of these altcoins has improved dramatically.
Most shocking of the trio is Cardano and Avalanche, both of which recorded a slump that sparked concern a few months back. Cardano's addresses in losses as of Oct. 10 was 94%, but this figure has fallen in the space of a month, with only 62.5% now holding below their entry points.
Avalanche's profitability also soared from 99% of its addresses in loss as of Aug. 23 this year to only 26% in loss, per current IntoTheBlock data. Lido DAO is the most attractive of the trio, as over 53% of its addresses are currently in profit at the moment.
Fundamentals and community boost
One underlying factor that underscores the bond between these three altcoins is that they all offer a revolutionary business proposition.
While Cardano is a formidable Layer-1 protocol with new innovations like Midnight, Avalanche made headlines for featuring in a JPMorgan experiment, a massive endorsement that drove its sentiment higher. Lido has advanced its influence as a liquid staking platform, offering investors a flexible means to capitalize on the growing decentralized finance (DeFi) ecosystem.
The last factor that sets these altcoins apart is their dedicated community. If not for the loyalty displayed, the recovery in profitability as seen in ADA and AVAX would not have been possible.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team