Cardano (ADA) Price Plummets Amid Sluggish Market Conditions
Cardano’s supporters, though, are confident in the long-term viability of digital money. Crypto analyst says this is a great time
- Cardano’s supporters, though, are confident in the long-term viability of digital money.
- Crypto analyst says this is a great time for long-term investors to buy $ADA.
Unfavorable macroeconomic circumstances have put a damper on the crypto market. Cardano in particular has been quite volatile during this whole crypto crisis. For the last week, Cardano (ADA) has lost almost 15% of its value, and for the past day, it has lost about 5%. Currently, ADA can be purchased for $0.3639.
However, Eight Global CEO and prominent crypto analyst Michael van de Poppe predicts a price increase for Cardano. In 2021, when Cardano prices began to rise, he says, they had reached the crucial support level. He thinks this is a great time for long-term investors to buy $ADA.
Global Economic Downturn
Due to multiple negative pressures in the global economy, the cryptocurrency industry as a whole is now suffering. Inflation in the economy is worse than projected, according to the most recent data from the Consumer Price Index. Even before yesterday’s CPI figures, the Federal Reserve had adopted a hawkish tone. Quantitative tightening and interest rate rises were among the measures used. The Federal Reserve is likely to take a more restrictive posture in response to the dismal inflation figures.
Unsustainable inflation in the economy was also underlined by the recently released Producer Price Index. The Federal Reserve Board has made price stability and the prevention of inflation its primary goal. The prospects of the cryptocurrency industry are dimming because of the probability of a recession and stagflation.
Cardano’s supporters, though, are confident in the long-term viability of digital money. There are a number of criteria that will give Cardano lasting success. Cardano is more distributed than other altcoins because of its Ouroboros consensus process. Moreover, there are around 1,500 validator pools in Cardano. Cardano’s transaction speed is also superior to that of competing cryptocurrencies.
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