Cardano’s ADA Faces 10% Drop Despite Rising User Interest

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The Bottom Line

Amid a flood of positive developments within the Cardano network, the cryptocurrency ADA experienced a price drop of nearly 10%. Despite the high development activity and increased interest from users, ADA’s price performance lags behind expectations. This raises questions about whether and how Cardano can recover from this setback.

Development Activity at an All-Time High

Cardano has once again managed to position itself at the forefront of Layer-1 blockchains in terms of development activity. This is particularly noteworthy as it has succeeded despite uncertainties surrounding Hydra, Cardano’s scaling solution. Hydra aims to reduce the costs of processing transactions on the network. The developer community continues to show confidence in Cardano’s ability to deliver new features, regardless of the controversy.

Network Activity and User Interest on the Rise

The number of active addresses within 24 hours rose from 36,900 on March 16 to 47,300, which can be interpreted as a bullish signal. Another key indicator, the weighted sentiment, which measures the positive or negative commentary of a project on social platforms, also showed an increase. Despite this positive sentiment, this may not necessarily be bullish for the ADA price in the short term.

Price Performance and TVL

The price of ADA fell to $0.62, representing a decrease of 9.89% in the last 24 hours. This could suggest that ADA may have reached a local peak and could continue to fall. The Total Value Locked (TVL) of Cardano also recorded a decrease of 6.86%, which could indicate that investors are withdrawing their liquidity.

Our Assessment

Despite the recent price drop and decrease in TVL, the high development activity and increased user interest demonstrate that confidence in the Cardano network remains strong. The rapid response to FUD and ongoing development could have positive effects on ADA in the long term. In the short term, however, the price may remain under pressure, especially if the overall market correction trend continues. In the long term, however, the prospects for Cardano remain positive.

Sources: AMBCrypto, Santiment, DeFiLlama

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Casinos: 23
Profile Cardano
Symbol ADA
Coin type Alt Coin
Transaction Speed High
Pros
  • Significantly more anonymous than Bitcoin, for example
  • Science-based development, secure and stable
Cons
  • Newer cryptocurrency, lack of distribution
  • Development not yet complete
Price 0,47 €
Percent Change 24h -3,45 %
Percent Change 7d 10,01 %
Percent Change 30d -23,17 %
Percent Change 60d -15,27 %
Percent Change 1y 28,56 %
Market Cap 16.445.470.591,00 €
Max. Supply 45.000.000.000
Official Links
Socials Reddit | X | Message Board
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Last update: 21. March 2024

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