By Nathan Ferguson
The altcoin has dropped over 70% since touching the highs of $3 in November 2021. Monday bearish actions saw the token (ADA) losing 9%, dropping from $0.9615 to $0.8777 within 24 hours. Such actions saw Cardano’s market cap plunging under $30 billion (Coinmarketcap data).
The current cryptocurrency cart weakness has Cardano breaching $1 again today. It’s the 2nd corrective phase that has had the alt dipping under this crucial zone. That first happened during the 2022 February retracement phase.
Support from legendary singer Snoop Dogg could not boast Cardano’s sentiment. The hip-hop star collaborated with Clay Nation to launch a non-fungible token (NFT) collection on the ADA blockchain.
Cardano has lost over 70% since hitting the peak of $3 last November. ADA lost 9% on Monday, plummeting from $0.9615 to $0.8777 within 24 hours. Such developments saw Cardano’s market capitalization drop under $30 billion (data from Coinmarketcap).
The declining prices has Cardano dwindling its rank from the earlier 5th to eighth. Meanwhile, the altcoin’s volume surged by nearly 90%.
Blockchain Alliance founder Raj A Kapoor stated that Cardano faces the Bitgert heat as Bitgert’s blockchain is more powerful than Cardano’s (ADA) chain.
Cardano’s total supply cap is at 45,000,000,000 tokens, and miners have mined 75% (34,377,702,079) of them and are in circulation.
WazirX noted that Cardano wallets rose from 186,000 in December 2022 to more than 3.2 million in 2022 Q1. Though ADA stayed far low from its ATHs, whales holding over 10 million Cardano tokens have owned the largest share in two years, around 46.6%.
Cardano is a layer1 protocol that validates and completes the transaction. However, the platform faces massive competition from layer1 alternatives such as Avalanche, Solana, and Ethereum. Tykhe Block Venture partner Ishan Arora believes Cardano would brighten its future by solving its tech issues to attract top-notch projects to launch on the network.
BuyUcoin CEO Shivam Thakral stated that long-term investors make money out of crypto. Moreover, ADA has earned disciplined investors lucrative returns.
Also, Cardano is among the most promising projects in the crypto space, and Kapoor trusts ongoing dips can be a money-making opportunity for dip-buyers. ADA has an optimistic trajectory for the upcoming years.