As a long-term crypto investor, I’ve seen my fair share of ups and downs in the market. Cardano (ADA) was once a promising altcoin with a lot of potential, but its recent performance has been disappointing. The lackluster price action over the past few months has left many holders feeling disillusioned, myself included.
The cryptocurrency Cardano (ADA), which ranks among the ten largest digital assets based on market value, has failed to deliver substantial returns for its investors recently. This is a source of frustration for the community of users behind the proof-of-stake blockchain platform, as the lackluster price performance of the altcoin has persisted for several months.
In the last 24 hours, the cost of an ADA token has risen by nearly 2%. On the other hand, there’s been a drop of approximately 5% in its value over the past month. Over the course of the previous year, though, this digital asset has experienced a significant surge in price, amounting to an impressive 88% increase. Nevertheless, ADA’s recent performance, frequently referred to as an Ethereum competitor or “Ethereum killer,” hasn’t lived up to expectations when compared to its counterparts like Solana (SOL) and Avalanche (AVAX).
The trading activity for Cardano (ADA) increased by 1.52%, reaching a volume of $392 million. Its market capitalization is now $16 billion, placing it as the tenth largest cryptocurrency in terms of market size. The token’s price fluctuated between a daily low of $0.436 and a peak of $0.449. However, the overall trading volumes have yet to reach the impressive levels seen in 2021.
In September 2021, the peak price of ADA reached an astounding $3.10. Unfortunately, the token is now more than 80% lower than that previous record-high. The community’s disillusionment stems from the fact that Cardano has failed to surpass the $1 mark since the onset of the 2022 crypto winter.
Cardano Founder Is Bullish
Despite growing doubts among the Cardano community, Charles Hoskinson, the man behind both Ethereum (ETH) and the Cardano blockchain, remains optimistic about the platform’s future based on forthcoming developments.
On social media platform X, Hoskinson announced that the Cardano community will introduce a new node in June, leading to a significant upgrade for the blockchain named Chang fork. Once 70% of ADA stake pool operators have integrated this new node, Cardano will enter “Voltaire Era,” according to Hoskinson.
As a proud investor in Cardano, I can’t help but feel exhilarated by this monumental achievement. This is a game-changer not just for Cardano, but for the blockchain industry as a whole. We’re building a decentralized civilization that transcends geographical boundaries, with a population numbering in the millions. Our governance system will be second to none, providing us with the ability to make decisions collectively through annual budgets, a treasury, and the collective wisdom of our vibrant community.
It is important to note that Cardano also partnered with Argentina following a conversation between Hoskinson and President Javier Milei. The blockchain’s advocate Dan Gambardello stated that the advancement could lead to a significant surge in the price of ADA.
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2024-06-10 14:48