- Despite the volatile crypto market, 62% of Bitcoin holders are currently profiting, while the majority of Cardano (91.52%) and Avalanche (95.56%) investors are experiencing losses.
- Ethereum manages to defy the altcoin trend, with nearly 60% of its holders still enjoying gains, according to data from IntoTheBlock.
In the fluctuating universe of cryptocurrencies, a recent study by IntoTheBlock, a renowned crypto analytics platform, reveals an intriguing landscape. A significant majority of Bitcoin (BTC) owners are enjoying profits, while most investors in Cardano (ADA) and Avalanche (AVAX) are grappling with losses.
Bitcoin, the inaugural cryptocurrency and digital gold standard, shows a positive trend with 62% of its holders currently in profit, leaving only 38% dealing with losses. Amidst a market filled with uncertainty, this dominant digital asset proves its resilience, maintaining its value at a respectable $25,100 at the time of writing.
However, the scene looks less encouraging for Cardano and Avalanche investors. Cardano, a leading smart contract protocol, exhibits a distressing scenario with 91.52% of ADA holders currently experiencing losses, and merely 7% at breakeven. This disappointing trend reflects the vulnerability of some altcoins, regardless of their promising technology or visionary roadmaps.
Avalanche investors face a similar, if not more challenging, situation. An overwhelming 95.56% are in the red, with fewer than 5% breaking even. At the moment, ADA and AVAX are trading at $0.26 and $11.39, respectively, emphasizing the stark contrast between Bitcoin and these altcoins.
The pattern extends to other cryptocurrencies as well. IntoTheBlock’s data demonstrates that 51.74% of Dogecoin (DOGE) investors and 60.58% of Litecoin (LTC) owners currently hold underwater positions due to the recent market downturn. This further underscores the significant risks associated with altcoin investments amidst market volatility.
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On a brighter note, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, manages to counter this altcoin trend. The analytics firm’s data indicates that approximately 60% of Ethereum holders are still in the money, showcasing the robust nature of this leading smart contract platform.
“The recent crypto market dip sent several assets tumbling. Some are even surpassing 90% of holders holding at a loss. Not all is gloomy, though! Several assets seem to weather the storm pretty well,”
IntoTheBlock shared via Twitter.
With Ethereum trading at $1,653 at the time of writing, the contrast in fortunes among various cryptocurrencies highlights the multifaceted nature of the market and emphasizes the importance of a thorough understanding of each digital asset before investing.
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