Is Cardano tough enough to brave the rough market? A retrospective



The bear market has been harsh to all sorts of cryptocurrencies and altcoins. Excluding Dogecoin, for some reason. Cardano has been fortunate to hold its own in the brutal conditions, with fresh listings and an optimistic founder.

In this, we look to see how the coin has fared over the course of the year.

At the start of the year, Cardano entered proceedings as the fifth most valuable cryptocurrency by market cap on January 7th, and traded at $1.01 USD. At the time, the cryptocurrency bore a total market cap of $26,227,470,005 USD.

Fast forward to the current state, and the depreciation of the token is evident. Now Cardano is the ninth most valuable and trades for $0.072875 USD and bears a total market cap of $1,889,437,517 USD.

Looking at the stats, Cardano has dropped four places. It has lost a whopping near 92% of its trading value over the past nine months, while its market cap has similarly diminished by approximately the same amount.

Transaction volume

At its height on the 18th of January, the Cardano network saw $1,512,670,000 USD worth of ADA transacted daily.

The network’s lowest point saw only $31,685,000 USD worth transacted on the 26th of June, while the network’s next high point saw $1,155,460,000 USD worth of Cardano tokens shift hands on the 4th of February.

New Cardano listings

When a token is listed on a new exchange, it can be a gamechanger for the project.

Cardano has recently been added to several exchanges for trading. Earlier this year, eToro added a wave of cryptocurrencies to its listed assets, including Cardano.

One of the world’s leading exchanges Coinbase announced the exploration of the token to potentially add to its assets.

Into the future

According to a price spike that occurred in May, it seems that investors are found of Cardano’s KEVM testnet.

Despite the increase, the market has seen that the token has plummeted steadily to low figures. Important to note, though, is that this could be attributed to the market, rather than the token itself.

However, if Cardano’s founder has anything to say about it, there is hope! Cardano’s Charles Hoskinson shed light in the face of a dark market earlier this year. If his trust in the market counts for anything, then Cardano might be able to gain back its position in the market.

Start trading cryptocurrency with Coindirect.

Internet writer looking to find the right piece. Also presents things on radio and happens to be a chip off the old blockchain. @BeckyRLeighton





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