Cardano (ADA) Market Value Depreciation Ranks Among the Worst in Losses Amidst Bearish Trend
The crypto market continues with its bearish trend –one to which there’s no seeming end. This lack of performance has caused investors to be wary of the market, and the resultant sluggish outing for many cryptocurrencies. Even the biggest currencies in terms of volume and market cap are struggling with record low prices.
Over the weekend, there’s was a slight improvement in the price of some of the cryptocurrencies. The weekend saw Bitcoin gain $150 as it rose from its average price of $3,500 to $3,650, with the latter being the highest. However, even during that time, its trading prices fluctuated between $3,400 and $3,600 during the weekend’s the trading window.
The weekend also saw another major currency, Ethereum recording a 6 percent increase in price, pegging it at the high price of $91.5 from its year to date low of $84. Ripple (XRP) also enjoyed a small price bump, trading at just over $0.30.
The price slump hasn’t been unique to just the popular coins. Even lesser known, but impressive projects like Cardano (ADA) has suffered the same fate. The currency has been seriously affected by the downtrend, with other (minor) cryptocurrencies suffering worse fate. In fact, it is estimated that Cardano’s value has depleted to an all-time low price essentially making it the fourth biggest loser in 2018.
The fallout from this is revealing a lot of issues bedeviling the sector.
Currently, its loss is worse than that of the Bitconnect, Qtum and ICON trio. Sadly for Cardano, it is in the same ranks with these cryptocurrencies, none of which are in the same class as the top cryptos -Bitcoin, Ethereum, or XRP.
The reports show further that Cardano is currently trading at a staggeringly low price that’s 98 percent lower than its all-time high price. This is a serious setback for a cryptocurrency that was once tipped to take over the market from even the big coins.
Currently, Cardano is reportedly trading at slightly over 2 cents – a huge drop compared to its peak price of $1.179. 2018 has not been good to the Cardano coin, as it’s failed to rally even after some decent news about the project.
The coin has been facing quite a number of challenges, both from internal and external forces this year. IOHK Foundations fundraising issues and users’ dissatisfaction with the speed of the network have been two major kickers.
Also, users have complained about the lack of updates on the network, a situation that has warranted some abandoning the platform in favor of other “more serious” projects.
However, despite the ugly outlook of Cardano, founder and IOHK’s Chief Executive Officer, Charles Hoskinson, is optimistic that the cryptocurrency has a lot of untapped potentials which will help users.
Although, there’s also the possibility that Hoskinson’s optimism is not unconnected with the recent reports attributed to Coinbase which rated Cardano as one of the top 30 upcoming cryptocurrencies on its platform.
“As we announced in September, Coinbase’s goal is to offer support for all assets that meet our standards and are fully compliant with local law,”
Coinbase exchange blog site states.
Over time, we intend to offer our customers access to greater than 90% of all compliant digital assets by market cap,”
the blog concluded.