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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

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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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