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Is Cardano finished? - What's wrong with the promising cryptocurrency?



Cardano has long been one of the most promising cryptocurrencies. The price of the ADA token rose massively, especially in late summer 2021. But in the course of the big Bitcoin crashes, the ADA token was hit particularly hard. The token lost nearly 60 percent from its all-time high. Is Cardano finished?

Price drops hit Cardano particularly hard

In the last few weeks, there have been several price crashes in the crypto market. As almost always, these crashes are driven by Bitcoin. This fell from an all-time high of $ 68,000 to below $ 47,000 at times. However, this drop was not the sharpest among the top cryptocurrencies. 

Cardano's ADA token in particular experienced an extreme crash. The ADA has lost nearly 60% since its all-time high in September. It went from $ 3 to $ 1.30. By comparison, Ethereum has only lost around 20% of its all-time high over that period. 

Why is Cardano doing so badly?

At first glance, the sharp drop in ADA's price is not that easy to explain. Most recently, the token even reached a major milestone. The network processed 20 million transactions without any failure. Cardano has also reached a record number of addresses. 

At ADA there are two typical observations with cryptocurrencies:

  • "Buy the rumors! Sell ​​the news! ”: Cardano grew extremely strongly when plans for smart contracts became public and Cardano was seen as an“ Ethereum killer ”. When these plans became a reality thereafter, it tends to hurt the course.
  • Often it doesn't matter how good the functionality of a blockchain is. Very often short-term trends and hypes determine which cryptocurrencies become bullish.

What's next

In the long term, Cardano is too good a network that the weak phase should last for a long time. It can solve numerous problems of Ethereum and is developing steadily and in a controlled manner. The aforementioned data show that Cardano is on the right track, as it has been for years. 

The ADA token will certainly have to recover over the next few weeks and months. But Cardano's long-term share price development should be very positive. 

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