Cardano ADA Continues to Lose Momentum Following Bitcoin’s Lead. At the time of writing, the price of the Cardano ADA token was $0.099973. It is down by 3.83% against the USD and down by 1.36% against Bitcoin BTC.
The trading volume over 24 hours was $534,981,124 and the market capitalization was $2,591,998,105. Bitcoin BTC is also struggling against the USD. It is trading at $10,451.23. It is down by 2.56% against the USD with a trading volume of $31,130,820,152 and market capitalization of $193,134,293,364.
Even if Cardano ADA is currently trading alongside the Bitcoin BTC token, falling and rising at the same time. However, some believe that the Cardano ADA token will still be ahead of Bitcoin BTC in the coming years. We noted earlier that Cardano has increased by more than 53% over the last 90 days. During this period, the Bitcoin BTC token only increased by more than 22%.
One of the major reasons why the Cardano ADA token is surging is the Cardano Shelley hardfork that took place successfully over a month ago. Before the Cardano Shelley update, the token surged by over 300% year-to-date. However, the token lost its momentum right after the Shelley hardfork.
Comparing Cardano to Bitcoin is difficult since both blockchains have different purposes. While the two are based on decentralized ledger technology, Cardano is more like Ethereum than Bitcoin.
Cardano is a decentralized computer just like Ethereum. Thanks to the Cardano Shelley hardfork, Ethereum is now more decentralized than Ethereum. The codebase is similar to the Ethereum codebase, but Ethereum 2.0 is still technologically better than Cardano. The good thing is that the Cardano blockchain is still progressing and it hasn’t gotten to its final stage yet. In the next few days of trading, we will be able to determine what direction the cryptocurrency will take. A slide below the $0.98 level will lead the token lower against the USD.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
- Cardano ADA Has Fallen Below the $0.100 Level and is Now Struggling to Hold the Support at $0.9300
- Despite the Current Price of Cardano, Many Still Believe that it is a Promising Cryptocurrency With Lots of Prospects
The cryptocurrency market has been in a bloodbath for the last few days but Cardano ADA has been bearish long before then. While the token gained by over 53% in 90 days, things have taken a bearish turn and there is no telling how low the token will go, especially now that it has fallen below the key $0.1000 support level.
With the Cardano ADA token struggling to hold the line at $0.9800, what is the community saying about it? Will the token keep declining or is there light at the end of the tunnel?
