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There is an ongoing price slump in the broader digital currency ecosystem today, with the combined crypto market capitalization dropping by as much as 1.74% to $ 1.16 trillion overnight. Cardano (ADA) is one of the altcoins whose price is currently being depressed by the current market trend. At the time of writing, Cardano is down by 3.70% overnight to $0.2949, per data from CoinMarketCap.
Gamza KhanzadaevDespite the encompassing price slump, Cardano has a very good chance of maintaining relative resilience against the ongoing bear action, and perhaps printing a bullish reversal in the short- to midterm. The rationale for this proposition stems from the positive trading activity surrounding the ADA coin.
The CoinMarketCap data shows that Cardano's trading volume over the past 24 hours is on a positive trend, soaring as high as 26.36%, with the cumulative volume pegged north of $263 million. The positive trading volume is an indication that despite the bearish outlook, investors cutting across both retail and institutional investors interacting with the network are unwavering in their activities at this time.
This positive disposition can introduce needed resilience into Cardano, which on the more positive end can help fuel a revival in the growth trends of the digital currency.
Putting ADA woes behind them
Maintaining a blossoming blockchain protocol like Cardano can be an arduous task in the industry today, seeing as the U.S. SEC has tagged the coin as a security and might file an enforcement action in the near future.
Alex DovbnyaAmid this gloom, investors are putting these woes behind them and focusing on the more positive news emanating out of the Cardano ecosystem. One such piece of news is the launch of Mithril on the mainnet, a significant network update that trails Hydra Head scaling protocol, which has also gone live on the mainnet.
Though Cardano is new as a smart contract hub, its associated dApps are growing and helping to solidify the bullish case for a mega run in the future.
Alex Dovbnya
Vladislav Sopov
Dan Burgin