Despite the ongoing price consolidation, more and more Cardano (ADA) addresses are currently recording profits from their investments.
For comparison: ADA is one of the biggest victims of the current market turmoil. After recovering above $1 on December 12th to reach $1.18, Cardano faced another period of intense selling pressure and fell to the one-month floor of $0.7618 on December 20th he recovered slightly.
Cardano records profits despite price decline
Despite the slight recovery, Cardano is still going strong below at press time the psychologically relevant threshold of $1 and is down 15.39% in December. However, this is turbulent phase has not impacted investor profitability as many would expect.
Notably, data from blockchain analytics resource IntoTheBlock confirms that up to 2.71 million Cardano addresses are still seeing profits from their ADA holdings. This number represents an impressive 61.63% of the total wallets holding Cardano.
In contrast, about 1.51 million addresses, representing 34.28% of the total wallets, purchased Cardano above the current price and are facing losses due to the price drop. The wallets with breakeven now amount to 179,970.
Interestingly, Cardano address profitability was much better earlier this month in the heat of the recent market uptrend. When ADA hit its three-year high of $1.23 on December 3, in-the-money addresses rose to a whopping 3.27 million, accounting for 74.35% of the total.
With Cardano now 26% below its recent peak, the profitability ratio has fallen below the 70% mark. This metric could improve significantly once the current consolidation phase is over, as ADA expects break…