Logo
Cardano Ecosystem

BitcoinEthereumNews

07/12/2022

·

535 views


Cardano holders will go gaga to know that despite declining 85%…

The post Cardano holders will go gaga to know that despite declining 85%… appeared on BitcoinEthereumNews.com. Cardano may have lost its investors’ confidence over time. But it did not lose its popularity thanks to its immense potential and roadmap...

Cardano holders will go gaga to know that despite declining 85%…

Cardano may have lost its investors’ confidence over time. But it did not lose its popularity thanks to its immense potential and roadmap for development.

Combined with the efforts of the Cardano development team, the blockchain is gaining an audience in the space it intends to dominate.

Cardano goes upwards

According to a recent report from CryptoCompare, Cardano’s developer activity has been moving upward for almost six months now.

The Github commits on the blockchain have also increased from 5400 to 6200 in this timespan.

Cardano development | Source: CryptoCompare

But the opposite of this growth has been noted on the investors’ front. Starting November 2021, the monthly fees registered on Cardano have been declining. At the time of writing, it stood 75.4% lower than its previous level.

Eight months ago, the network was generating $1.62 million in said fees. However, last month, despite a 16% uptick, the total fees generated amounted to just $0.43 million.

Cardano monthly fees | Source: CryptoCompare

This highlights the decreased usage at the hands of the investors. Well, this decline was bound to take place since ADA as an asset has been on a disappointing streak.

Trading at $0.455, at press time, ADA was 85.57% down from its all-time high. Thus, failing to gain support from the market.

Cardano had already lost the support of the 200-day Simple Moving Average (SMA) months ago. Now, over the course of the last two months, it even lost the 100-day SMA and the 50-day SMA. 

Moreover, Cardano would need investors’ faith to sail through the bearish headwinds. But investors haven’t been content with ADA’s performance for quite sometime now.

This is because, of all the major cryptocurrencies, ADA has been the worst-performing asset in the last 12 months. The Return on Investment (ROI) for Bitcoin, Ethereum, and XRP is in the negative at 38%, 44%, and 48%.

Cardano, on the other hand, sits at -65.4%, making it evident why it isn’t faring as well as others. 

With the Vasil hard fork scheduled to go live on the mainnet sometime later this month, Cardano still does have the opportunity to take back what is lost, provided Vasil actually brings a change.

Source: https://ambcrypto.com/cardano-holders-will-go-gaga-to-know-despite-declining-85/

Post navigation

AD

World’s First Multi-Token ISPO — By Genius X - Starts on 12th of September, epoch 363!

Genius X, a revolutionary launchpad and business accelerator helping Web3 startups attain speed, scale, and edge, is thrilled to announce the world’s first Multi-Token ISPO.I WANT TO KNOW MORE!


Read Original Article on BitcoinEthereumNews

ORIGINAL SOURCE

https://bitcoinethereumnews.com/technolo...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


More from BitcoinEthereumNews

See more
Model For Maintaining The Peg of Cardano Stablecoin DJED Released
BitcoinEthereumNews
Model For Maintaining The Peg of Cardano Stablecoin DJED Released

last Thursday at 5:06 PM

·

188 views

Related News

See more
WingRiders Governance Token

Featured News

See more

Featured ISPOs

Genius X
GENSX ISPOACTIVE

250M $GENSX · Ends in 09/12/2022


Featured Projects

Ada Handle
Ada Handle

NFT

Featured

Featured Events

Cardano Summit 2022
Cardano Summit 2022

11/20/2022 - 11/22/2022 · Lausanne, Switzerland


    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)
Bringing Fixed Assets (CNFT & CNT) Lending & Borrowing to CardanoWorld’s First Multi-Token ISPO — By Genius X