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Starting today, all IntoTheBlock Analytics users have full access to all our analytics tools for Cardano. This new release includes our complete set of indicators and metrics. So without further ado, let’s explore Cardano together.
A look into Cardano Analytics
IntoTheBlock features 6 main categories for Cardano Analytics. You can use these analytics for diving into specific topics related to things like financials, transactions, and correlations. We’ve taken some exciting insights from IntoTheBlock Analytics. If you want to follow along, you can grab a free 7-day trial on our website, and we even have a special coupon for this release. Use cardano30 to get 30% (valid for two weeks).
Cardano Financials: A good entry?
Cardano’s financial analysis on IntoTheBlock consists of 10 sections with indicators. The most popular is our In/Out of The Money indicator. This indicator shows you at which price point people acquired funds. The breakdown gives insight into major resistance or breakdown points and what percentage of people are in profit.
Cardano in/out of the money indicator
When we look at Cardano, the most striking aspect here is the percentage of people that are “out of the money”. 76.60% of ADA holders are currently holding at a loss. By comparison, Bitcoin recently broke the 50% of holders at a loss when it broke down to the 16k area.
Is that all bad news? Not necessarily. In fact, such a large percentage of holders being out of the money may very well indicate that this is not a bad point for entering new positions.
However, you’d definitely need to dive deeper into other aspects of Cardano to make that conclusion. So let’s take a look at ownership and network activity next.
Network Analytics. Is Cardano gaining traction?
IntoTheBlock features a range of network analytics that focus on things like active addresses and transactions. These help you understand if an asset is gaining users and adoption.
Number of addresses on Cardano
If we look at Cardano, we can see that the total number of addresses has been increasing pretty steadily. It started increasing more rapidly in early 2021 and the bear market really hasn’t slowed this down much. Currently, there are over 4.3 million addresses with a balance.
Number of transactions on Cardano
We can confirm that activity isn’t really slowing down on the Cardano Chain either. While ADA transaction volume has dropped somewhat since the peak of the bull market, it has maintained quite a steady level for the past year. The network currently counts 74.33k daily transactions on average.
Ownership: What are the whales doing?
It’s important to understand the impact of holders on economic activity. For example, if assets are mostly owned by a small group of people or if there are very few retail users, it could be an indication of an unhealthy network. For this, we have the Cardano Ownership Analytics.
Cardano Holdings Distribution Matrix
For Cardano, the Holdings Distribution Matrix looks quite healthy. While we do see quite a big part of the assets held by whales, we also see a surprisingly large number of retail-size addresses. Overall, the distribution looks quite healthy.
Cardano addresses by holdings
When we dive deeper into the activity of the larger holders, we do see that they have recently started accumulating again after a period without much noteworthy activity. At the moment of writing more than 30k individuals hold between 100k and 1M ADA.
Explore more insights
We’ve analyzed a few of our popular indicators for Cardano, but there’s a lot more to explore.
Are you curious about more insights? We have a special discount for the Cardano community. Enjoy 30% off with code “cardano30”. You can get started here: https://app.intotheblock.com/pricing
Want to find out more about Cardano? Discover this vibrant ecosystem and read about some of the projects building on the network with the Essential Cardano Guide to the Ecosystem.
Cardano Analytics live on IntoTheBlock was originally published in IntoTheBlock on Medium, where people are continuing the conversation by highlighting and responding to this story.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.