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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

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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