Cardano shows best result among top 10 crypto assets in last seven days
According to CoinGecko and CoinMarketCap, Cardano has fallen the least among the top 10 crypto assets in the past seven days, excluding stablecoins. While Cardano’s decline ranged from 3% to 4.6% according to a variety of portals, other cryptocurrencies lost more than 6% in price. Solana was the biggest loser in the last seven days, with a 14% drop in quotations during the period under review.
The drop in quotes across the market spectrum is neither surprising nor interesting, but ADA’s resilience gives grounds for reflection.
Among the likely reasons would be the progress of the Cardano development team in the Vasil hard fork case. Yes, the long-awaited update has been postponed several times and has made sad headlines about horrific bugs along the way, but now it looks like Vasil is really at the finish line.
It is worth recalling that Vasil hard fork should take blockchain to a qualitatively different level of scaling, performance and functionality. Maybe the approach of this event awakens investors’ fear of missing out and makes them hold and buy ADA.
Another reason for Cardano’s latest performance could be the asset’s price chart.
Cardano (ADA) price review
Looking at the ADA chart, there is a feeling that there is simply nowhere to fall. Since its all-time high almost a year ago, the ADA price has corrected by 85%, which is traditionally considered a sufficient value on the crypto market.
ADA has been trading in the $0.4-$0.6 range for the past four months and has never fallen below that price. Furthermore, the coin is currently priced at $0.44, which is not too high from the lower boundary of this price corridor.
