Is ADA a ‘Dead Coin’? Cardano Price Struggles Uphill
The post Is ADA a ‘Dead Coin’? Cardano Price Struggles Uphill appeared on BitcoinEthereumNews.com.
In recent weeks, Cardano price has faced intense selling pressure amid widespread concerns about the future of the US economy despite easing inflation. If the Fed moves ahead with the expected rate cut in September, it will appease investors, likely stabilizing the ADA price and supporting recovery.Meanwhile, the hype around the Chang hard fork upgrade has failed to elicit the anticipated price volatility. Bitcoin’s price volatility on August 14 caused ADA’s price to slide lower; however, the asset quickly recovered. Cardano’s spot trading data reveal bearish sentiment on the asset, which is further exacerbated by a stagnant user base. Mixed Indicators Affecting Cardano Price The ADA price dropped by 1.1% in the last 24 hours to trade at $0.337. Despite the drop, ADA performs well against Bitcoin (BTC), gaining 3.8% against the number one crypto. This increase against BTC runs across the market, with XRP price gaining 2.8% and Solana price rising 4.3% against the asset. A deeper look at Cardano’s network state and traders’ behavior reveals the asset is in bad shape. Despite the talk around the launch of the Chang hard fork, the numbers do not look good. According to IntoTheBlock, the number of active addresses with balances has hovered around 4.45 million for over a year, reflecting the network’s stagnant state. Cardano’s number of addresses with a balance has hovered around 4.45 million for over a year. Here’s what’s going on👇 During the last cycle, Cardano experienced significant growth, positioned as a strong alternative to Ethereum. However, in the current cycle, the network faces… pic.twitter.com/WJrnAP8FQZ — IntoTheBlock (@intotheblock) August 13, 2024 IntoTheBlock found that despite this stagnant metric, the number of long-term holders was at an all-time high, holding over 40% of the total ADA supply. This shows a high confidence in the network, which is potentially…
Filed under: News - @ August 15, 2024 6:20 pm