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Cardano (ADA) Price Slip Deepens, Here Are Likely Beneficiaries of This Trend

Wed, 03/01/2023 - 15:27
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Godfrey Benjamin
Cardano addresses in loss mount, but turnaround will benefit many
Cardano (ADA) Price Slip Deepens, Here Are Likely Beneficiaries of This Trend
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It has been a mildly bearish day for Cardano (ADA), with a trend now complementing the weekly fall at the time of writing. The seventh largest cryptocurrency is priced on spot exchanges at $0.362, down 0.62% from the past 24 hours and by 6.24% in the trailing seven-day period.

The reasons for the fall of Cardano remain an enigma, but it highlights the general bearish sentiment on the market at this time. As it stands, on-chain data from IntoThe Block show that the 3.35 million addresses on the Cardano protocol are now in loss at the moment. These addresses slipped into losses at an average price of $0.3590.

Cardano In and Out of Money Chart
Image Source: IntoTheBlock

While this address in loss remains the largest on-chain at the moment, those in money are still pegged at a little more than 814,000, while those without losses or gains are pegged at 206,000.

The Cardano price trend is not billed to remain bearish for long, and when the shift is recorded, the majority of the addresses in loss will become the biggest beneficiary in the long term.

Cardano (ADA) Leads in Development Activity as Big Valentine Upgrade Nears: Details

Fueling projected Cardano growth

The Cardano network is a high-growth protocol that is committed to the decentralized advancement of its ecosystem. The protocol builder, Input Output Global (IOG), highlighted the network's advancement in the month of February, a showcase of how much growth was recorded in that time frame.

Among the top upgrades recorded is the Feb. 14-themed Valentine (SECP) upgrade that went live on mainnet, commemorating "the love of DApps." The upgrade includes support for Plutus SECP cryptographic primitives and is also designed to bolster interoperability among smart contracts operating in the space.

It is worthy of note that Cardano remains the top blockchain protocol in terms of developer activity, and the fruits of the developer's labor might start showing forth in the near term.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.