Tuesday sees the Cardano (ADA) price struggle as the cryptocurrency falls out of the worldwide top 10 rankings and its recent bounce from mid-month lows stalls.
With little over $0.50 in trade volume, ADA was down over 3% for the day. The sell pressure on ADA has increased because it was unable to move back above its 21DMA in the $0.52 range.
Its market capitalization, according to CoinGecko, was $17.8 billion at the time. This places it, after Dogecoin (DOGE) and Toncoin (TON), as the eleventh largest by market capitalization.
The market capitalization of these two cryptocurrencies are $19.8 and $23.2 billion, respectively.
Even with Tuesday's drop, ADA is still 25% higher than its previous lows. The cryptocurrency is still down more than 15% annually and more than 20% monthly.
Bitcoin (BTC) has increased 57% during the last ninety days, whereas the price of Cardano has decreased by 15%. In the same time frame, the values of Ether (ETH), BNB (BNB), and Solana (SOL) have increased by 40–100%, respectively.
The reason for all of this is very likely because Cardano is having trouble getting adopted in the real world.
So, is it wise for investors to sell everything they own and move to another cryptocurrency?
Cardano Price Forecast: Is ADA's Time to Go?
On-chain analytics show that Cardano is not succeeding in drawing in a substantial user base of cryptocurrency.
According to DeFi Llama, the blockchain's total value locked (TVL) is only $416 million.
In contrast, one of its main rivals, the Solana blockchain, has well over $10 billion locked on it.
In fact, Cardano is ranked 24th by TVL even though it is the 11th largest cryptocurrency by market capitalization.
Furthermore, comparable daily transaction figures present an even more dire image.
Cardano hardly ever experiences more than 100,000 transactions in a single day, according to Messari data. On the other hand, according to Ycharts, Bitcoin has experienced between 300,000 and 750,000 daily transactions throughout the previous year.
Cardano is a blockchain with smart contract capabilities that aims to support a thriving web3 environment. Therefore, Ethereum or Solana would probably make better comparisons.
This comparison shows that Cardano performs significantly worse. According to Ycharts, Ethereum often sees over a million transactions every day. In contrast, Solana usually receives 15–30 million.
It makes sense why Cardano's detractors still call it a "ghost chain."
Cardano will probably keep finding it difficult to stay up with its significant competitors as long as this story about its inability to get acceptance continues.
Given the ongoing demand for ETFs and the slower expansion of the supply following the halving, Bitcoin may reach $100,000 this year.
In late 2019 or early 2022, the ADA/BTC exchange rate may return to its low of approximately 0.000004.
That is not to say that the USD price of ADA will keep declining. But in current bull market, it might find it difficult to regain support over $1 if adoption doesn't pick up speed.
Having said that, there are dozens of bold projects on the blockchain that are trying to draw users. Should any of these initiatives eventually get traction, Cardano's situation may alter.
A Potential ADA Substitute: Mega Dice Casino (DICE)
Presale investing is a good option for cryptocurrency investors seeking for investments with higher possibility for profit.
To earn money for development, Web3 projects and protocols frequently provide an early bird discount on their native tokens.
Presale investors might realize gains of up to 10 times or more if they are able to locate a solid project that takes off in the market.
This well-known cryptocurrency casino has started offering its utility token, DICE, for presale.
DICE holders can earn passive revenue through DICE staking in addition to receiving significant cashback rewards on their bets.
In addition, the cryptocurrency casino is rewarding early presale investors with a number of thrilling airdrops.
The initiative is almost at the $500k mark already. Additionally, prospective investors should act immediately because the DICE price will increase after the $1 million milestone is reached.
April 2024, Cryptoniteuae