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3 reasons why Cardano is losing so much in value right now



Cardano and the ADA token are currently suffering particularly badly from the last market correction. The cryptocurrency has now lost almost 50% of its value since its all-time high in early September. What are the reasons for the promising token big crash?

Flattening of the hype

Cardano was the cryptocurrency of the hour through the summer until autumn. Ethereum was increasingly criticized for its high transaction fees. At the same time, it was the platform through which decentralized financial services (DeFi) and non-fungible tokens (NFTs) mostly ran.

Cardano offered an extremely attractive alternative to Ethereum. In the last few months, the network introduced smart contract functions, which gave the ADA token an extreme boost. This hype then flattened out, which is a natural development.

New alternatives for smart contract platforms

Since Cardano's all-time high, the hype about other smart contract platforms has shifted to other candidates. The first thing we should mention is Solana. The Solana Blockchain impresses with extremely high transaction speeds in combination with great security. Solana has put Cardano in the shade in the last few weeks.

The SOL token even overtook the ADA token in terms of market capitalization. Other exciting projects such as Avalanche, Algorand, and Elrond also came more and more into the spotlight as Ethereum competitors. There was also the hype about the meme coins, especially Shiba Inu, which drew Cardano's attention away.

Overall market development

Most tokens are dependent on the development of the overall market. Bitcoin and Ethereum saw a sharp correction in the past 2-3 weeks, which also affected Solana. Due to the two reasons mentioned above, this course correction at Cardano was even more severe.

Cardano, however, is a project that is designed to be very long-term. The blockchain is continuously developed according to scientific standards. This is how Cardano has been able to stay at the forefront of the market for years. In the future, the cryptocurrency should therefore continue to be very successful.

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