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Cardano (ADA) Price Drops in Bearish Cryptocurrency Market

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The cryptocurrency markets usually feature extreme volatility and the market sentiment is also dependent on the fundamental analysis greatly. March 2018 till now did not see any major surge in the price of both major and minor cryptocurrencies. The drop in the price of Bitcoin in early March has also affected the rest of the cryptocurrencies. The majority of the cryptocurrencies are trying to recover but are failing to break the resistant line. And, even if they do so it is only for a short time. The cryptocurrency market sentiment is largely bearish in this month.

On this Monday (26th March 2018) Cardano (ADA) saw some heavy losses and by the end of the day the drop was approximately 9.14% and the low was approximately 0.1611. The intraday high of ADA on Monday failed to touch the first major resistance line at $0.18641. As seen from the historical data for Cardano from coinmarketcap.com, the market cap had initially surged to $5,584 million USD on 22nd March and from then on there has been a rapid drop. At the time of writing on 28th March 2018, the market cap of Cardano (ADA) showed approximately $4,111 million USD. The volume (24h) is approximately $85.674 million USD. The price at the time of writing showed $0.158 USD approximately. Another thing is that due to this drop in price and market cap of Cardano (ADA), the altcoin’s rank in coinmarketcap.com dropped to 7th position.

Reasons for the Drop

As observed from the price charts and historical data of Cardano (ADA) from coinmarketcap.com, it is unlikely that there will be a major surge in price anytime soon in this bearish market sentiment. Some cryptocurrency analysts say that majority of the cryptocurrencies is more likely to suffer from this bearish sentiment even in Q2 of 2018. There may be a slight surge in the price but nothing really noteworthy. Even though the Cardano blockchain sports many unique features and has a good development team, Cardano is a long way from breaking its all-time high (of 2017) of $123.

  • At this moment, the fall in the price of ADA is mainly due to Cardano losing its ground in the ADA/BC ratio. From 25th to 26th March 2018, the USD loss was nearly 6.6% and the ADA/BTC decline added up to 5.33% approximately. The prediction of the cryptocurrency experts that the price may drop to $0.15 in the next few days came true. As many people have high expectations from Cardano, considering its remarkable journey after its inception, the fall in market cap and price has affected the market.
  • Another major reason for this drop is the South Korean markets investigation week. This has resulted in banks being closely observed regarding their relationship with the cryptocurrency exchanges. The Korean cryptocurrency exchanges are themselves having to face stricter regulations. This has affected the cryptocurrency market in all.
  • A possible reason may be the unchecked growth of the number of ICOs and many investors not even bothering to go through their whitepaper thoroughly. This is releasing weaker altcoins in the cryptocurrency market and they are also managing to an extent to remove attention from major coins like ADA. The arrival of new ICOs almost every day on the scenario is leading to ‘instability’ and ‘uncertainty’ concerning both the market and the major projects.

Conclusion

Currently, the cryptocurrency exchange Upbit shows high trading volume (24h) of Cardano (approximately $48.746 million USD for ADA/KRW pair at the time of writing). Binance and Bittrex follow Upbit with the pair ADA/BTC. What needs to be seen is whether the trend in the trading volume of ADA among the exchanges will follow over the next few days.

Besides the fall of the price of Bitcoin being a major reason for fall of the price of the rest of the altcoins, Facebook and Google’s decision on banning cryptocurrency related ads has also affected the market adversely. Maybe the partnership of Cardano with Emurgo and SIRIN LABS and the platform’s myriad features will bring in a new era for the altcoin.

We will be updating our subscribers as soon as we know more. For the latest on ADA, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Tim Boese via Flickr

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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