By Nathan Ferguson
A well-known crypto strategist pronounces a warning to the investors as well as the traders of Cardano, mentioning that the sixth-biggest crypto is indicating some fundamental deficiencies. In the latest video, the analyst, who is also a host of InvestAnswers, disclosed to his more than 382,000 subscribers on YouTube that while looking at Cardano’s speculators versus holders chart the statistics do not seem to be much positive regarding the smart contract venue.
He stated that the blockchain-based data is supposedly correct however the inferences drawn from it are shocking and show the long-term holders at a very weird and significantly low percentage position. Just 6.95% out of the cumulative holders of Cardano hold the token for over a year, whereas 70% holders keep it for 12 months or less, and the rest 25% count as active traders.
This scenario, he added, is not like that of Ethereum where approximately 60% of the holders are long-term holders. The next thing which the analyst discussed was the quantity of the active Cardano addresses, which is another hazard for crypto according to the host of InvestAnswers. He pointed out that it is interesting to note that there are up to 3M addresses on the blockchain of Cardano nonetheless just 4% out of them are active. It is to be remembered here that, on the other hand, Ethereum’s network has nearly 66M addresses. Notwithstanding the massive amount of holders keeping funds for long-terms, they possess considerable activities additionally.
While discussing Google trends, the strategist remarked that very low interest is shown by retail investors in the sixth-biggest crypto token. According to Google trends, the crypto strategist elaborated, the investors are not paying so much attention to Cardano. In recent years, people somehow had a good interest level as compared to this year. Presently, the position of Cardano is one-year low.
Though the respective analyst is not so much confident about the status of the Cardano (ADA) token, the strategist of cryptocurrency, Capo, is of the view that the respective token has signaled some indications of potential strength following the successful retesting of the all-time high. As per Capo, it is likely for Cardano to surpass even the valuation percentage of 580%. Till the moment the token remains above the present position thereof, there is a chance for Cardano to have the next all-time high between 3 to 4 dollars.