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Cardano loses 3rd place for market cap: will the decline continue?

Cardano lost his 3 th in the top 10 of cryptocurrency by market capitalization. Despite the hype created around the project when its smart contract functionality launched last month, support has steadily declined for the asset. Her run above $ 3 had seen her surpass the native token of Binance BNB thus grabbing a place in the top 3. But ADA has once again sold this position, today falling to 4th place for the benefit of BNB, which today exceeds ADA by 9 billion dollars in market cap.

The Cardano project has not had any useful and positive market news in recent times. There have been reports of the project investing in small Cardano-focused startups, but nothing has created further hype around the project.

In addition, his foray into the space of the decentralized finance (DeFi) has been delayed because although the blockchain is now able to support smart contracts, building the protocols needed to deliver decentralized financial services to users takes time. The developers have worked hard to deploy their decentralized applications (DApps) on the network and the Cardano Foundation has provided support for these projects, but it will take a while before there are enough DeFi protocols working on the blockchain to attract users to do business. DeFi on the network.

At this point, if the digital asset does not see any marked improvement in support and momentum, then the ADA could run the risk of falling below $ 2. Its community boasts one of the strongest holding feelings on the cryptocurrency ecosystem, with over 70% of its total offering currently up for grabs. However, without a significant amount of money going into the asset, a downward trend is likely to continue which could see the price retest the $ 1,7 range.

Meanwhile, Bitcoinist reported last week that Cardano founder, Charles Hoskinson, was preparing to start a tour in Africa. Hoskinson confirmed that the tour kicked off on October 15 when he posted a tweet showing him appearing on a panel in South Africa, where the tour was actually supposed to begin.

Hoskinson, in collaboration with the Cardano Foundation, plans to visit various startups on the continent that are building on the blockchain. They will provide funding and education as needed to this project and help guide them through implementation on the Cardano network.

However, this is probably not the kind of news that the digital asset needed because, despite the start of the tour, the price of ADA did not register any noticeable upward movement. The momentum therefore remains bearish, with the price continuing to struggle around the $ 2,1 range.

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Roberto Rais

A great cryptocurrency expert and a long time collaborator. He actively follows several specialized Blogs in the cryptocurrency sector as Editors

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