Bittime - Cardano (ADA) pricereturned to weakness on Tuesday after a brief rise from lows mid-last month. As a result, ADA has now fallen out of the top 10 crypto rankings in the world. ADA is currently trading around $0.50, down nearly 3% in a day. Selling pressure increased after ADA failed to break back through the 21DMA resistance level around $0.52.
According to CoinGecko, ADA's market cap is around $17.8 billion, ranking it 11th, behind Toncoin (TON) and Dogecoin (DOGE) which have market caps of $19.8 billion and $23.2 billion respectively.
Despite Tuesday's decline, ADA is still up 25% compared to its recent low. However, overall, ADA is still down more than 20% in the last month and more than 15% in the last year.
Also read: Cardano (ADA): Comprehensive Analysis for Beginners
Cardano has lagged behind other major cryptocurrencies in recent months. While Cardano's price is down 15% in the last 90 days, Bitcoin (BTC) is up 57%. Ether (ETH) , BNB (BNB) , and Solana (SOL) are up between 40-100% over the same time period.
One factor that might explain this is the slow real adoption of Cardano.
Cardano Price Prediction: Is ADA's Future Bleak?
On-chain metrics show that Cardano failed to attract a significant crypto user base. The total value locked (TVL) on the Cardano blockchain is only about $416 million, compared to Solana, one of its main competitors, which has a TVL of more than $10 billion.
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In fact, despite ranking 11th by market capitalization, Cardano is ranked 24th by TVL.
A comparison of the number of daily transactions also shows a less encouraging picture. According to Messari, Cardano's daily transactions rarely exceed 100,000. In contrast, Bitcoin experienced between 300,000 and 750,000 daily transactions in the past year. A more relevant comparison might be with Ethereum or Solana, considering that Cardano is a blockchain with smart contracts that aims to build a vibrant web3 ecosystem.
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Ethereum typically records more than 1 million daily transactions, while Solana records between 15-30 million transactions. It's no wonder that Cardano's critics continue to call it a "ghost chain."
As long as this narrative of failing to attract adoption continues, Cardano will likely continue to struggle to compete with its major competitors.
Some analysts expect Bitcoin to potentially reach $100,000 this year, driven by slower supply growth post-halving and continued ETF demand.
In this scenario, the ADA/BTC exchange rate could soon fall back to its late 2019/2020 low of around 0.000004.
This does not mean that the price of ADA in USD will continue to fall. However, without faster adoption, ADA may struggle to get back past $1 in this bull market.
However, the Cardano blockchain has dozens of ambitious projects that are trying to attract users. If any of these projects gain traction, Cardano's future could change.
How to Buy Cardano (ADA) on Bittime
You can buy and sell Cardano (ADA) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Cardano (ADA) is available on Bittime with the ADA/IDR market pair . To be able to buy ADA IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Cardano (ADA) on Bittime .
Monitor the price chart movements of Cardano (ADA) , Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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