Connect with us

Blogs

Cardano (ADA) Price Drops in Bearish Cryptocurrency Market

Published

on

cryptocurrency market

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

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

Published

on

Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

Continue Reading

Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

Published

on

2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

Continue Reading

Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

Published

on

Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

Continue Reading

Press Release