The whole ecosystem of digital currencies is currently experiencing a severe price collapse, with the overall market value of all cryptocurrencies falling by as much as 1.74% to $1.16 trillion over night. One of the cryptocurrencies whose price is presently being affected by the present market trend is Cardano (ADA). According to CoinMarketCap statistics, as of this writing, Cardano has dropped 3.70% overnight to $0.2949.
Cardano has a strong probability of retaining its durability against the current negative action despite the widespread price decline, and it may even print a bullish turnaround in the short- to mid-term. The ADA coin’s favourable trading activity serves as the justification for this claim.
According to CoinMarketCap statistics, Cardano’s trading volume has been increasing over the last 24 hours, reaching a high of 26.36%, and its total volume is expected to be more than $263 million. The strong trade volume suggests that, in spite of the pessimistic forecast, investors using the network—both institutional and retail—are being steadfast in their actions right now.
This optimistic outlook may provide Cardano the resilience it needs, which, on the plus side, may support a resurgence in the cryptocurrency’s growth patterns.
Putting ADA woes behind them
Given that the U.S. SEC has designated Cardano as a security and may bring an enforcement action soon, it can be difficult to maintain a burgeoning blockchain technology like this one in the market today.
In the midst of all of this negativity, investors are choosing to ignore their problems and concentrate on the more encouraging news coming from the Cardano ecosystem. The introduction of Mithril, a big network upgrade that follows the mainnet launch of the Hydra Head scaling protocol, is one example of such news.
Despite being a relatively young centre for smart contracts, Cardano’s dApps are expanding and supporting the optimistic outlook for a potential mega run.
