The Cardano (ADA) price is facing a mild but sustained depression at a time when the broader altcoin ecosystem is printing a parabolic run. While a token like Worldcoin (WLD) has retested its all-time high (ATH) at $7.48 earlier today, Cardano is giving up its gains, dropping by 0.9% in 24 hours to $0.639.
This downturn is unusual for Cardano, seeing as it was one of the best-performing coins in the past week. Per current market data, ADA jumped by more than 18.45% over the trailing seven-day period; over the past month to Feb. 19, the coin has recorded more than a 27% surge.
Besides its internal fundamentals, the Cardano protocol has benefited immensely from the growth of Bitcoin (BTC), riding on the correlation it has with the digital currency. Though the price of Cardano has been relatively stunted for some time, the past month’s reboot has set it on another pedestal, where it is now the envy of the majority of its rivals.
From a monthly low of $0.4497, the price of Cardano soared as high as $0.6375, underscoring the potential for the digital currency to explore new horizons.
Cardano reboot, Bitcoin factor?
The current price of Cardano might take the form of a building slide, but it is best described as a correction that is considered healthy. Cardano proponents like Crypto Venture Capital Founder Dan Gambardello have often considered ADA undervalued and primed for growth in the long term.
Gambardello, in a recent argument, showcased how Cardano combines the security of the Bitcoin network and the decentralization of Ethereum (ETH) to make up a balanced blockchain network that is designed to serve users in the Web3 world.
A Cardano reboot is imminent in the long term, and Bitcoin’s pre-halving surge is poised to play a key role.