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For several months, the Cardano (ADA) crypto has faced marked price declines. It has even almost reached its lowest level in a year. Worse still! Selling pressure is increasing, fueling fears of a massive sell-off by crypto investors.
Crypto Cardano under pressure: price drop and potential sales
Cardano has suffered a loss of 15% over the past 30 days, dropping the ADA price to $0.33. With a current market capitalization of $11.8 billion, the ADA crypto is indeed down 89% from its all-time high of $3.1.
Many Cardano holders are feeling the effects of this decline. Some are considering selling to offset their losses. The number of active addresses illustrates the state of panic among crypto investors. It recorded a loss last week, dropping from 1,680 to 11,960.
As shown by IntoTheBlock data, only 17% of current holders of the ADA crypto asset are recording a profit. The majority are incurring losses.
An increasing circulating supply, reinforcing selling pressure
As the number of ADA crypto tokens in circulation continues to rise, the bearish outlook seems to be intensifying. Nearly 18.53 million additional crypto tokens, worth $6.15 million, entered the market on October 27. Enough to fuel fears of an imminent massive sell-off!
This phenomenon could repeat itself with a similar unlocking expected on November 1, contributing to the price drop of the ADA crypto. Currently, 34.99 billion tokens are in circulation, out of a total supply of 45 billion. This situation makes the crypto market vulnerable, thus increasing the risk of even more marked fluctuations.
As Cardano continues to face uncertainties (notably with the upcoming U.S. elections), the bearish momentum may continue. The situation could offer opportunities, but also risks for ADA crypto holders who are considering their next strategy.
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Je m’appelle Ariela et j’ai 31 ans. J’oeuvre dans le domaine de la rédaction web depuis maintenant 7 ans. Je n’ai découvert le trading et la cryptomonnaie que depuis quelques années. Mais c’est un univers qui m’intéresse beaucoup. Et les sujets traités au sein de la plateforme me permettent d’en apprendre davantage. Chanteuse à mes heures perdues, je cultive aussi une grande passion pour la musique et la lecture (et les animaux !)
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.