Main navigation

This Cardano (ADA) Metric Proves Revival Is Close

Thu, 08/03/2023 - 10:33
article image
Godfrey Benjamin
Despite market slump, Cardano (ADA) has good chance of recovery
This Cardano (ADA) Metric Proves Revival Is Close
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

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.

Cardano Creator Reacts to Major News: Here's How ADA Price Is Doing

Despite 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.

SEC Wanted Coinbase to Delist Shiba Inu (SHIB), Cardano (ADA), and Other Altcoins

Amid 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.

article image
About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.