Cardano Loses 3rd Spot On Crypto Top 10, Why It May Drop Even More

Name	Symbol	Market	Market Cap ($)	Algorithm
Cardano	ADAUSD	Crypto	16,265,230,854	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Cardano

ADAUSD

Crypto

16,265,230,854

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.0082	-1.74%	0.4622	0.4622	0.4623

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.0082

-1.74%

0.4622

0.4623

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.4788	0.4605	0.4708	0.4704	0.216009 - 0.810200

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.4788

0.4605

0.4708

0.4704

0.216009 - 0.810200

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	00:18:22	250.00	0.4622	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

00:18:22

250.00

0.4622

USD

Price x Volume	Volume	Base Symbol	Related Pairs
6,047,684.33	12,900,088.29	ADA	ADAEUR	ADAGBP	ADABTC

Price x Volume

Volume

Base Symbol

Related Pairs

6,047,684.33

12,900,088.29

Cardano Loses 3rd Spot On Crypto Top 10, Why It May Drop Even More

19/10/2021 12:00am

NEWSBTC

Cardano has now lost its spot at the 3rd place on the crypto top 10 as its price had refused to move in accordance with the broader crypto market. While other altcoins had rallied alongside bitcoin, ADA had remained mostly stagnant. Despite the hype created around the project when smart contracts capability was launched last month, support has dwindled for the asset. Its race above $3 had seen it overtake Binance native token BNB to clench the top 3 spot. But ADA has once again surrendered this position as it dropped to 4th place while BNB surged past, beating ADA by $9 billion in market cap. ADA May Still Suffer Losses The Cardano project has not had any market-moving news in recent times. There has been news regarding the project investing in smaller Cardano-focused startups. However, nothing has created hype around the project. Related Reading | Cardano Investors In Japan Come Under Fire For $6 Million In Underreported Taxes Its foray into the decentralized finance (DeFi) space has been delayed because although the blockchain is now capable of supporting smart contracts, building the protocols required to provide decentralized finance services to users takes time to build. Developers have been working hard on deploying their decentralized applications (DApps) on the network and the Cardano Foundation has provided support to these projects, but it will take a while before there are enough working DeFi protocols on the blockchain to draw in users to carry out DeFi activities on the network. ADA price trading at $2.13 | Source: ADAUSD on TradingView.com If the digital asset does not see any significant improvement in support and momentum, then ADA may run the risk of falling below $2. Its community boasts some of the strongest hold sentiment with over 70% of its total supply currently staked. However, without significant amounts of money coming into the asset, it is likely to continue a downtrend that may see the price retest the $1.7 range. Cardano Founder Begins Africa Tour Bitcoinist reported last week that Cardano founder Charles Hoskinson was getting ready to begin a tour through Africa. Hoskinson confirmed that the tour had kicked off on October 15th when he posted a tweet that showed him appearing on a panel in South Africa, where the tour was scheduled to begin. Related Reading | SpaceBudZ Marks First NFT Sale Above $1 Million On Cardano Network Hoskinson, in conjunction with the Cardano Foundation, plans to visit various startups on the continent that are building on the blockchain. They will provide funding and education, as needed, to this project and help to guide them through deploying on the Cardano network. This has although not been the kind of needle-moving news that the digital asset needed because, despite the kick-off of the tour, ADA’s price has not recorded much upward movement. Momentum remains down as the price continues to struggle around the $2.1 price range. Featured image from Euronews, chart from TradingView.com

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ADAUSD Cardano