Cardano (ADA), the dark horse of the crypto world, has been doing a decent job in the past few months, attracting many investors to its platform. The blockchain project, which boasts an impressive follower-base and well-known for its powerful development team, has witnessed a sudden setback recently. If you updated with the latest price trends, you might be aware how the currency has crashed by 32.9% within a short span of one week. Although the Cardano (ADA) investors have seen a major price drop in December 2017, this price slump has come as a surprise to many. With exciting developments like the launch of two Testnets, as well as its association with Goguen project, such a setback was totally unimaginable. As the bearish sign returns to Cardano, investors are yet to reconcile to its impact on the market. If you are still wondering what’s going on with this cryptocurrency, here’s the full story.
Cardano (ADA): A Promising Blockchain Project
As a non-mineable cryptocurrency, Cardano (ADA) is widely considered to be one of the promising digital currencies. Often recognized for its status of being the first scientifically-based blockchain project, the platform offers some unique benefits to its investors. Apart from its highly advanced technological features, the project also boasts top-notch security features, as its code is written in Haskell language, one of the best coding algorithms. As you may be aware of, the Haskell language is based on the Ouroboros protocol, which is well-known for its proof-of-stake consensus mechanism and its updated Daedalus wallet. What’s more, Cardano is supported by some of the best teams in the crypto community – IOHK, Emurgo, and the Cardano Foundation, all of which are striving to make it one of the best smart contracts- based cryptocurrency platform.
The Bearish Sign Returns for Cardano
As evident from the previous price records, Cardano was all set to hit the moon with a number of notable developments. Last week was devastating for Cardano investors as the currency reversed its bull run, which began at the beginning of April. While most investors were hoping for a long-term bullish market, Cardano disappointed its users with a shocking 32.9% drop. Discernibly, this is the second time the coin has witnessed such a price drop, the first one occurring in December 2017. While the first downtrend was not entirely Cardano’s own fault as the entire crypto market was down with a bearish trend, the second drop was a severe blow to the investors since it was unexpected.
What Is the Reason Behind the Sudden Price Drop?
Due to unexpected price movements, some of the well-performing currencies have witnessed a dreadful week, with price dropping by major percentages. Speaking of the worst performers in the market, mention must be made of Cardano (ADA) as it featured among the top losers. As per the price records, Cardano led the downtrend in terms of its last week’s performance. The steep decline of Cardano’s price, wherein the coin has dropped -32.40%, has resulted in a catastrophic drop in the market, sending many top-performing coins in the red.
Reflecting on the sudden price drop, price analysts have suggested that the decline can be directly associated with the news from South Korean exchanges. As per the reports, one of the most influential exchanges in South Korea, Upbit made headlines for investigations based on alleged frauds. This is the primary reason why Cardano, which has shown signs of an upward push, has declined steeply over the last week.
Cardano’s Forecast: Will Cardano Rebound From Its Bearish Trend?
The bearish trend, that took the ADA community by surprise, could have been a massive setback for the ADA community, but much to the traders’ relief, the bearish trend slowed down, indicating signs of a slow but steady recovery. The rapid decline in the prices last Friday, which closed the week with an 18% slump, has slowed down subsequently, allowing ADA to mitigate the incurred losses. Going by the price movements, the coin traded in bear sentiment during the Asian trading hours, and the 24-hour decline is tantamount to -7.6% over its earlier position. The price dropped to $0.24 against the US dollar on all the popular exchanges.
The downturn could have reversed all the progress made over the last month, but the cool-off spared the currency from any severe long-term damages. As for Cardano traders, the bear run concluded on a positive note, the price moving up by 4.52%, taking the price of ADA to $0.26. While the general sentiment of the Cardano market is still bearish, traders would be glad to know that the coin is heading towards a recovery, as the upside push can continue to benefit the investors if the support lines are formed above $0.25. Trading at $0.270667 at the time of writing, Cardano (ADA) has moved up by 0.22% from its previous position, signaling further price stability. With the bull showing signs of a comeback, the tables could turn on Cardano, especially if the upside movement continues to be present during the European trading hours.
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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.
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TRON Partnership Involves Cloud Computing
It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.
— Justin Sun (@justinsuntron) October 12, 2018
Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.
Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.
However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
Getting listed on Binance has brought Ravencoin to the top…
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