Cardano Price: Down 70% From All-Time Highs, Can This Crypto Token Rebound Anytime Soon? – Tech Tribune France

New Delhi: Amid continued weakness in the crypto cart, Cardano (ADA) broke through the $1 mark again on Monday. This is the second corrective phase where the token has slipped below this level. The first was during the correction it experienced in February this year.

Support from hip hop star Snoop Dogg failed to lift sentiment on the token. The global musical artist launched an NFT collection on the Blockchain Cardano with Clay Nation.

The crypto token has lost more than 70% of its value since hitting a high of $3 on the November 2021 scale. On Monday, it plunged 9% to $0.8777 from $0.9615 in the space of 24 hours, with Cardano’s total market cap slipping below $30 billion, according to data from Coinmarketcap.

Falling token prices reduced its position to the eighth-largest crypto token from the fifth-largest earlier. On the other hand, the volumes of the token increased by around 90% as tokens worth $0.84 billion were traded in the last 24 hours.

“Cardano is facing heat from Bitgert, whose prices are skyrocketing as the Bitgert BRC20 blockchain is more powerful than the Cardano chain,” said India Blockchain Alliance founder Raj A Kapoor.

Cardano’s total supply is capped at 45,000,000,000 ADA tokens, of which 75% or 34,277,702,082 ADA tokens have already been mined and are in circulation as of today.

Compared to 186,000 wallets in December 2020, there were more than 3.2 million wallets on the cryptocurrency network in the first quarter of this year, WazirX said in the note. “While ADA is currently well below its all-time high, whales with over 10 million ADA tokens have become the largest share of supply held in two years, at 46.6%.

Cardano is a layer 1 protocol, a basic blockchain for validating and finalizing transactions without the need for another network. However, it faces stiff competition from other Layer 1 protocols, such as Ethereum, Avalanche, and Solana.

More than 500 projects are built on Cardano, from NFT collections to DeFi loans and new wallets. The majority of their token distribution is in place, quite similar to Bitcoin. Distribution in the hands of retailers is also growing.

Even though Cardano has been around as an Ethereum killer for a while, it hasn’t made a dent, said Ishan Arora, Partner, Tykhe Block Ventures. “Cardano could have a future if it solves its problems with its own technology that would enable solid project launches.”

Like Dogecoin, Cardano has a huge cult following and sometimes prices aren’t really based on fundamentals. Investors should always do their own research before investing in such projects, market experts suggest.

Shivam Thakral, CEO of BuyUcoin, said that the fundamental rule of investing says that investors with a long time frame always make a profit and that even goes for cryptos. Disciplined investors also saw strong returns in Cardano.

Cardano is also one of the most promising projects in the crypto market, current prices are a great opportunity to buy it as cheaply as possible in the long term, Kapoor said. “The growth trajectory would continue in the years to come.”

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Cardano Price: Down 70% From All-Time Highs, Can This Crypto Token Rebound Anytime Soon? – Tech Tribune France

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