- Transactions on Cardano were less profitable than Bitcoin and Ethereum.
- ADA’s price might increase as one-day circulation drops.
AMBCrypto found that Cardano’s [ADA] price increase over the last few days has not exactly changed a lot of things on the network.
Using on-chain data from Santiment, we noticed that the ratio of ADA transactions in profit to loss was negative. However, this was in contrast to what Bitcoin [BTC] and Ethereum [ETH] had.
The ratio of on-chain transactions in profit to loss shows the rate at which transfers are either profitable or otherwise. If the ratio is positive, it means more traders are making gains.
A negative ratio implies that losses are more than profits, and that was the case with ADA.
Hunted by the past
At press time, Ethereum’s profit-to-loss ratio was 2.3. Bitcoin’s own was 1.8. When it came to Cardano’s network, it was an entirely different ball game as the metric was -0.38.
This decline could be attributed to ADA’s performance for most of 2023. In the last 30 days, Cardano’s price has increased by 29.78%.
But in the first few quarters of 2023, when Bitcoin and Ethereum prices were rising, ADA struggled. This was why the 365-day performance of BTC and ETH outpaced that of ADA.
If Cardano maintains the momentum it has had over the last few weeks, the condition might change. Recently, the project alongside its token faced criticism because of its performance.
But AMBCrypto also
Go to Source to See Full Article
Author: Victor Olanrewaju
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
