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On Wednesday (August 17),\u00a0Dan Gambardello<\/a>, Founder of\u00a0Crypto Capital Venture, as well as the host of the very popular YouTube channel \u201cCrypto Capital Venture\u201d, explained why he spends so much time talking about Cardano ($ADA).<\/p>\n Earlier today, he told his over 233K Twitter followers:<\/p>\n #Cardano<\/a> is my favorite crypto. That\u2019s why I cover it so much. If that ever changes, I\u2019ll let ya know!<\/p>\n This is my crypto journey, and I\u2019m just documenting it. Don\u2019t take my opinions or portfolio so personally.$ADA<\/a><\/p>\n \u2014 Dan Gambardello (@cryptorecruitr) August 17, 2022<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n Yesterday, Gambardello conducted a Twitter pool to find out if the Cardano community cares more about Cardano\u2019s fundamentals or the $ADA price, and the results were not too surprising given that Cardano has the most passionate community on Twitter:<\/p>\n #Cardano<\/a> poll. You find yourself mainly watching & caring more about\u2026<\/p>\n \u2014 Dan Gambardello (@cryptorecruitr) August 16, 2022<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n On Tuesday (August 16), crypto analytics firm\u00a0Santiment\u00a0took a closer look at an interesting on-chain metric for Cardano ($ADA): \u201cRatio of Daily On-Chain Transaction Volume in Profit to Loss<\/a>\u201c.<\/p>\n Here is what Santiment says about the set of metrics related to \u201cTransaction Volume In Profit Or Loss\u201d:<\/p>\n –><\/p>\n –><\/p>\n \u201cThose metrics show the aggregate amount of coins\/tokens across all transactions on the network that moved in profit or loss for a given asset in an interval. There is also a metric which shows the ratio between transaction volume in profit and transaction volume in loss.<\/em>\u201c<\/p>\n As Santiment\u00a0explained<\/a>\u00a0in May, when it introduced the metric \u201cRatio of Daily On-Chain Transaction Volume in Profit to Loss\u201d, assets that are \u201cseeing a high ratio of profit taking transactions\u201d have \u201chigher likelihoods of short-term price retracements\u201d (which means \u201cbe careful\u201d), and those assets that are \u201cseeing a high ratio of transactions occurring while traders are in loss positions\u201d have \u201chigher likelihoods of short-term price bounces\u201d (which means \u201cbe optimistic\u201d).<\/p>\n Anyway, yesterday, Santiment tweeted that \u201cthe ratio of on-chain transactions as profit taking vs. selling at a loss is at its highest level of profit taking since the final week of March,\u201d which means that traders need to be careful.<\/p>\n According to data by TradingView, $ADA is currently (i.e. as of 9:40 p.m. UTC on August 17) trading around $0.535, down 4.62% in the past 24-hour period.<\/p>\n Featured Image via\u00a0Unsplash<\/a><\/em><\/p>\n<\/p><\/div>\n\n
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