TL;DR
- Cardano (ADA) reached a nine-month low price, leaving many investors in losses (as of the moment).
- Input Output introduced a partner chains toolkit to enhance security, though ADA’s price remained unaffected. The RSI indicates it might be oversold, hinting at a potential rebound.
Almost Every ADA Investor Goes Underwater
The cryptocurrency market has significantly declined in the past few days, with things escalating in the past 24 hours. The sector witnessed a severe crash where Bitcoin (BTC) briefly collapsed below $50,000 (for the first time in six months), while Ethereum (ETH) slipped to as low as $2,170 (per CoinGecko’s data).
Other large-cap altcoins are also deep in the red. Cardano (ADA), for instance, has tumbled by 17% daily, plummeting at one point to a nine-month low of $0.27. Currently, it trades at around $0.30, representing a whopping 30% decrease on a weekly scale.
Somewhat expectedly, the nosediving price has negatively affected ADA investors. IntoTheBlock data shows that a mere 0.35% of those exposed to the asset are now sitting at some paper profits. A staggering 87.6% are in the red, while approximately 12% are break-even.
Other well-known altcoins whose investors are predominantly in the red include Shiba Inu (SHIB), Toncoin (TON), Avalanche (AVAX), Chainlink (LINK), Litecoin (LTC), and more.
