Cardano Loses 3rd Spot On Crypto Top 10, Why It May Drop Even More
October 18 2021 - 07:00PM
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Cardano has now lost its spot at the 3rd place on the crypto top 10
as its price had refused to move in accordance with the broader
crypto market. While other altcoins had rallied alongside bitcoin,
ADA had remained mostly stagnant. Despite the hype created around
the project when smart contracts capability was launched last
month, support has dwindled for the asset. Its race above $3 had
seen it overtake Binance native token BNB to clench the top 3 spot.
But ADA has once again surrendered this position as it dropped to
4th place while BNB surged past, beating ADA by $9 billion in
market cap. ADA May Still Suffer Losses The Cardano project has not
had any market-moving news in recent times. There has been news
regarding the project investing in smaller Cardano-focused
startups. However, nothing has created hype around the project.
Related Reading | Cardano Investors In Japan Come Under Fire
For $6 Million In Underreported Taxes Its foray into the
decentralized finance (DeFi) space has been delayed because
although the blockchain is now capable of supporting smart
contracts, building the protocols required to provide decentralized
finance services to users takes time to build. Developers have been
working hard on deploying their decentralized applications (DApps)
on the network and the Cardano Foundation has provided support to
these projects, but it will take a while before there are enough
working DeFi protocols on the blockchain to draw in users to carry
out DeFi activities on the network. ADA price trading at $2.13 |
Source: ADAUSD on TradingView.com If the digital asset does not see
any significant improvement in support and momentum, then ADA may
run the risk of falling below $2. Its community boasts some of the
strongest hold sentiment with over 70% of its total supply
currently staked. However, without significant amounts of money
coming into the asset, it is likely to continue a downtrend that
may see the price retest the $1.7 range. Cardano Founder Begins
Africa Tour Bitcoinist reported last week that Cardano founder
Charles Hoskinson was getting ready to begin a tour through Africa.
Hoskinson confirmed that the tour had kicked off on October 15th
when he posted a tweet that showed him appearing on a panel in
South Africa, where the tour was scheduled to begin. Related
Reading | SpaceBudZ Marks First NFT Sale Above $1 Million On
Cardano Network Hoskinson, in conjunction with the Cardano
Foundation, plans to visit various startups on the continent that
are building on the blockchain. They will provide funding and
education, as needed, to this project and help to guide them
through deploying on the Cardano network. This has although not
been the kind of needle-moving news that the digital asset needed
because, despite the kick-off of the tour, ADA’s price has not
recorded much upward movement. Momentum remains down as the price
continues to struggle around the $2.1 price range. Featured image
from Euronews, chart from TradingView.com
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