Cardano ADA Price Drops Despite the Progress of the Cardano Blockchain. At the time of writing, the price of the Cardano ADA token was $0.109073.
This means that it is down by 0.22% against the USD and down by 0.52% against Bitcoin BTC. The trading volume over a 24 hour period was $2,827,937,961 and the market capitalization was $323,509,247. The token has finally lost the bullish momentum it generated earlier in the year and is now slowly sheding off its gains. Even when the price of ADA increased, it was still down by more than 92% from its all-time high. Even if it is currently bearish, it is important to note that it is still far better than it was during its launch in 2015 when each token was sold at $0.0024.
It’s not a surprise that the transaction volume on the Cardano blockchain has increased significantly in recent times. After all, the blockchain crossed a significant milestone in its development. The major storages of Cardano’s development are Byron, Shelley, Goguen, Basho, and Voltaire. Each stage of development comes with a unique quality and Shelley is one of the most important features since it makes the Cardano blockchain 100% more decentralized than it was in the Byron stage.
In other news, Charles Hoskinson has released the Cardano roadmap for September 2020. He said that their focus this month will be performance improvements, marketing, and waller functions.
Goguen will finally be released and it will make the Cardano blockchain more competitive than ever in the decentralized finance era. Despite the current price of the token, Hoskinson is confident that the development of the project is on track and it has been a huge success. On more than one occasion, Hoskinson has said that he isn’t concerned with the price of the token as they are more concerned with development, adoption, and consensus with other blockchains.
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 Transactions Hit All-time High on the Network But the Price of the ADA Token Continues to Fall
- Cardano’s Charles Hoskinson Releases the Cardano Roadmap for September 2020
Cardano has made a lot of progress since the beginning of the year thanks to the successful completion of the 5-year long Shelley project. On the 4th of August, the Cardano blockchain recorded 9000 transactions. This is a spike in transactions that also came with a spike in active Cardano addresses.
The total active addresses on the Cardano network was just a little sky of 20,000 this month. However, while the transactions on the Cardano blockchain and the price of the ADA token surged, the price of the token remained bearish against the USD declining even lower toward the end of the year.