Axie Infinity and Chainlink Highlight Altcoin Profitability Divide

• A massive 66.75% holders of AXS are currently in loss, down from 91% in April.
• 0% of LINK users are at a loss, down from 48.35% in April.
• The altseason market cap has formed a bullish cup and handle formation.

A significant 66.75% of holders of the blockchain-based trading and battling game, Axie Infinity (AXS), are losing money despite the digital asset rising 55.29% in the last 30 days. Also, Arbitrum (ARB), The Sandbox (SAND), Chiliz (CHZ), Algorand (ALGO), Uniswap (UNI), and Cardano (ADA) holders are on the list.

Over 60.70% of ARB holders, 58.83% of ALGO holders, 56.69% of CHZ holders, and 42.26% of SAND holders are also losing money. A significant 37.22% of Lido DAO (LIDO) holders, 34.01% of UNI holders, 16.07% of ADA holders, and 14.94% of Aave (AAVE) holders are in the red. 

In contrast, none of the Chainlink (LINK) holders currently bear any losses, making it the most profitable altcoin for investors.

LINK is the most profitable for its holders, while AXS ranks as the least. In the last 30 days, LINK jumped 121.81% and trades at $29.22, up 1.37% in the past 24 hours. While LINK is down 44.77% from its all-time high of $52.88, AXS is down a massive 95.24% from its all-time high of $165.37, trading at $7.82.

Read also: ETH/BTC Hits Key Trendline as Altcoins Face Flash Crash

Earlier this year, a huge 91% of ALGO holders were at a loss. But new data shows that LINK users have recovered their losses, along with ALGO, SAND, and ADA users. However, AXS users still have big losses.

Is Altseason Coming?

An analyst on X (formerly Twitter) said that the total market cap of altcoins (cryptocurrencies other than Bitcoin and Ethereum) forms a bullish pattern before every altseason, and the dominance of the leading digital assets falls. The analyst added that the altseason is considered over once BTC dominance reaches around 40%.

In the X post, the analyst “Titan of Crypto” explained that the altcoin market cap chart has formed a bullish cup and handle pattern, which means that the altcoins might soon break out and keep climbing.

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