Cardano poised to stage a comeback in the market – Cardano Weekly
Cardano is back on track with its plans to become the most scalable blockchain network, according to some analysts. Its ADA token was one of the first-to-be approved by Coinbase and has recently surged over 100% in 2018. Cardano might be poised for a comeback as it nears 2020.,
Cardano has been gaining momentum in recent weeks with a market cap of $2.4B and the price per coin is sitting at $0.30, just one cent shy from its all-time high of $0.31 set on September 13th 2017 Cardano’s return to glory will be nothing short of miraculous if it can pull off what many think is possible: overtake IOTA for second place behind Ethereum by 2020.Cardano is a cryptocurrency that has been on the market since September 2017. It was developed by Charles Hoskinson and is a smart contract platform that aims to be decentralized and secure. The price of Cardano has been steadily increasing as it is poised to stage a comeback in the market. Read more in detail here: cardano price prediction end of 2021.
Due to Cardano’s recent dismal performance, the coin has lost ground to Solana in the most recent market shuffle. Despite favorable words and promises from management and market experts, ADA investors are losing patience.
The next few days will be vital for the token, which has dropped to sixth position after a decrease in market capital. The following are the most recent news stories on the blockchain and its token:
DEX Ravendex, a Cardano-based company, has announced an ADA giveaway.
Ravendex, a decentralized cryptocurrency exchange, announced through Twitter last Tuesday that it will be releasing an airdrop. Five RAVE token holders who match the requirements will get 5,000 ADA tokens from the Cardano-based exchange.
The reward for the winner of the giveaway is 2,000 ADA, which is 500 ADA higher than the prize for the runner-up. The third, fourth, and fifth-place finishers will each get 500 ADA.
“The 5000 ADA Community Giveaway by @Ravendexlabs is now live! The pool award of 5000 @Cardano ADA Tokens will be split among five winners. “Join Below and Best of Luck,” the message said.
Three Arrows Capital, cFund, Morningstar Ventures, Mechanism Capital, Kronos Research, FMFW, MGNR, Selini Capital, Skynet Trading, and Portico Ventures were among the investors in Ardana, a Cardano stablecoin project.
“As the first all-in-one stablecoin ecosystem based on Cardano, our platform gives users with quick access to liquidity, an ever-present worry in the hyper-competitive DeFi industry,” the stablecoin platform’s chief executive said of the financing. We can also use Cardano’s speed, scalability, and security to provide a decentralized financial solution that works for everyone, and we’ll soon be supporting on-chain foreign exchange.”
Has Cardano been defeated by Binance Coin?
Despite a strong rise yesterday, Cardano behind Tether, Solana, and Binance’s utility token Binance Coin in terms of market capitalization.
Rankings of cryptocurrencies based on market capitalization
Cardano has a market value of $38 billion, whereas the latter has a market capitalization of $108 billion. Cardano was destined to retake third place early last month, but the token dropped out of the race after a number of idle periods during which its rivals gained ground on it.
Despite the market capitalization gap, the Cardano vs. Binance Coin discussion continues. Binance Coin has increased by 1650 percent year to date, whereas Cardano has increased by 510 percent in the same time period. Both coins’ 7-day movement is positive, which is wonderful for Cardano, which has been trapped in consolidation for a long time.
The respective networks have weathered a few hurdles, including this year’s market-wide meltdown, and both coins seem to have a bright future on paper. Even if BNB has a clear lead at the moment, it is very impossible to award the title of “which coin has the better future?” to any of the currencies. Cardano, on the other hand, has the most work to do to flip Binance Coin in terms of market capital. Binance Coin, on the other hand, must remain afloat in the face of competition from other networks like as the burgeoning Solana.
Solana takes the lead. Cardano’s position in the market
The Cardano and Solana networks have established themselves as leading Ethereum competitors, providing users with smart contract options. Solana has exploded in popularity in the second part of the year, drawing a large number of newcomers. Cardano, on the other hand, has just recently added smart contract capability and is still catching up to Ethereum and other cryptocurrencies. In the meanwhile, the different tokens have been vying for market share.
Solana ultimately flipped Cardano last Thursday after a successful and lucrative run in previous weeks. Its decentralized financial market has been critical to its success, and it is one of the elements that has aided the token’s rise alongside the NFT mania. Solana is up 23 percent in the previous seven days, according to data from coinmarketcap, compared to Cardano’s 9 percent. The coin is pursuing Binance Coin, which has a market capitalization of $75 billion and peaked at $260 on Saturday.
Cardano’s situation isn’t all doom and gloom. The Cardano Foundation announced last Monday that over two million wallets had been established on the blockchain. The news comes five months after the proof-of-stake blockchain reached a million wallets milestone.
The performance of the Cardano market
For more over two weeks, ADA/USD has been trading below $2.20, with efforts to break through the $2.15 barrier repeatedly failing. However, after a time of being repressed by bears, trade behavior over the previous 24 hours shows that Cardano bulls are reawakening.
7-day trading chart for Cardano
The coin is now trading at $2.12, up 3% in the previous 24 hours, with increased trading volumes. The 7-day trading chart reveals that ADA is gradually rising, and the sleeping bulls may emerge again this week. Climbing higher is difficult, but with enough upward impetus, the token might overcome resistance at $2.16 and hit $2.30 in the coming hours.
The “cardano price prediction calculator” is a tool that predicts the future value of Cardano. The tool also provides information about other cryptocurrencies and their market cap.
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