Is Cardano’s Price Pull Back Preparation for Something Big?
2022.04.28 17:36
Is Cardano’s Price Pull Back Preparation for Something Big?
- Cardano’s (ADA) price currently stands at $0.8347, which is a 6.32% decrease over the last 24 hours.
- The price of ADA is also 11.79% down for the week.
- The price of ADA is likely to recover significantly given the bullish momentum the project has built up over the recent few months and weeks.
Cardano’s (ADA) price currently stands at $0.8347, which is a 6.32% decrease over the last 24 hours. The price of ADA is also 11.79% down for the week. Ranked in the top 10 list of cryptocurrencies in terms of market cap, ADA is ranked as the 9th biggest project and has a market cap of over $27 billion.
ADA has also weakened against Bitcoin (BTC) by 1.17% and Ethereum (ETH) by 1.47% at the time of writing.
The 24 hour trading volume for ADA is only slightly down when compared to the rest of the cryptocurrency market, and is 0.80% down in the last 24 hours according to CoinMarketCap. The daily trading volume totals around $1,082,217,262.
The price of ADA is likely to recover significantly given the bullish momentum the project has built up over the recent few months and weeks. Some of the events that helped ignite this bullish momentum include hundreds of new projects being built on top of the Cardano blockchain, new listings for the coin, the launch of ADA incubators, and much more.
Recent news is that IOG, Cardano’s developer, has proposed to increase the block size of the Cardano network. This will inherently increase the number of transactions that the Cardano network can process every second. This could attract more projects to the ecosystem, making it more valuable.
As these projects join the ecosystem it could result in a snowball effect which will see the price of ADA rise dramatically.
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