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Cardano (ADA) Price Drops in Bearish Cryptocurrency Market
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Cardano (ADA) Price Drops in Bearish Cryptocurrency Market

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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

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Top 3 Crypto Trends That Might Go Big in Q2 2019

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So far 2019 has brought a significant change to the crypto industry. Q1 of this year has seen the rise of the idea of IEOs, the crypto space has finally managed to shake off the bears, and numerous coins throughout the industry have seen their prices grow once again.

The latest rally happened only several weeks ago, and it allowed Bitcoin to surge up by $1,000. Most other coins followed in their own way, but the investors are now wondering what to expect out of Q2? The Q1 started off badly, but it ended up being extremely successful. The chances are that history might repeat itself in the second quarter, as there are some key trends that might point the way for the further development of the crypto market.

1. The rise of IEOs

Back in 2017 and early 2018, ICOs (Initial Coin Offerings) were everything that the crypto space was talking about. Their popularity allowed startups to raise billions upon billions of dollars. Soon enough, however, that ended in a pretty bad way. STOs (Security Token Offerings) emerged as an alternative that does not depend on trust, follows regulations, and it actually holds value. However, asset tokenization might still be in its early stages, and this is something that might come back at some point in the future.

In 2019, however, IEOs (Initial Exchange Offerings) started attracting the…

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The Crypto Space Once Again Divided Over Bitcoin SV

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Bitcoin SV
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The crypto community is a strong one, one that managed to bring digital currencies from nothing to an industry worth hundreds of billions of dollars. However, while its strength in this regard is undeniable, the crypto community can be just as fragile given the appropriate conditions. With that in mind, the conditions seem to have been set for a new divide, although the cause is once again the same — Dr. Craig Wright and his Bitcoin SV (BSV).

Craig Wright vs. the (crypto) world

Dr. Craig Wright, the chief scientist at nChain, and the creator of Bitcoin SV. has been a well-known and very controversial figure in the crypto industry. Wright was suspected of being Bitcoin’s creator several years ago, which is possible because no one knows who is behind the name ‘Satoshi Nakamoto.’

Wright was believed to be him, and one theory claimed that he and his friend were responsible for giving life to BTC. However, the theory quickly died out, but not before Wright seemingly liked the idea of assuming the mantle of Nakamoto. He himself started claiming to be Bitcoin’s mysterious creator ever since.

Of course, he managed to gather up some followers, but the majority of the crypto community — while confused — did not believe him. Luckily, there is no need for trust, and Wright should easily be able to prove that he…

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Are XRP and Ripple Going to Be Worth Anything by the End of 2019?

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One surprise recently was when XRP took over Ethereum’s long-held second place in the Market Cap leaderboards. It quickly went back to its traditional and respectable third place behind Ethereum, but it could be a sign of things to come.

XRP has a lot of clout in the market because of the platform it is based on, which is Ripple. A coin that is used for a very specific purpose and with a long term goal in mind is always going to fare better than others. Litecoin, Bitcoin Cash and others have come about because of disagreements in Bitcoin. Therefore they offer nothing except an alternative to Bitcoin as a pure cryptocurrency, while Ripple (and XRP along with it) has something tangible behind it.

Big Banks Back Ripple

Ripple was created in 2012 for a specific reason. It aimed to become a faster and more efficient method to transfer value between banks and countries. This value can be almost anything from currencies to other instruments. While initially, banks were cautious about investing in the company, recently they have been lining up. The crypto winter has helped with innovation int he industry and Ripple has benefitted immensely for it.

The various payment solutions based on Ripple such as xRapid and xCurrent are seeing a large uptake, and this is having an amazing effect on XRP as a whole.…

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