The Cardano (ADA) price is facing challenges as it drops out of the global top 10 crypto rankings. Currently trading above $0.50, ADA has experienced a 3% decline. Despite a recent rebound, ADA failed to surpass its 21-day moving average in the $0.52 range, leading to increased sell pressure. With a market cap of around $17.8 billion, ADA now ranks as the 11th largest cryptocurrency, falling behind competitors like Toncoin (TON) and Dogecoin (DOGE) with market caps of $19.8 billion and $23.2 billion, respectively.
In the past 90 days, Cardano has seen a 15% decline in price, while Bitcoin (BTC) has surged by 57%. Other major cryptocurrencies like Ether (ETH), BNB (BNB), and Solana (SOL) have also recorded significant growth between 40-100% over the same period. This underperformance can be attributed to Cardano’s struggles in achieving real-world adoption compared to its peers.
Cardano’s on-chain metrics reveal a lack of traction in attracting a substantial user base. With only $416 million in total value locked (TVL), Cardano lags behind competitors like Solana, which has over $10 billion locked in its blockchain. Daily transaction counts also paint a bleak picture for Cardano, with transaction volumes staying below 100,000 per day. In comparison, Bitcoin witnesses between 300,000 to 750,000 daily transactions, emphasizing Cardano’s limited adoption.
As a smart-contract-enabled blockchain aiming to foster a dynamic web3 ecosystem, Cardano faces stiff competition from established players like Ethereum and Solana. Ethereum often records over 1 million daily transactions, while Solana sees transaction volumes ranging from 15-30 million. Cardano’s critics have labeled it a “ghost chain” due to its inability to attract substantial adoption and transaction activity.
Despite the current challenges, Cardano could turn its fortunes around if ambitious projects on its blockchain gain traction. The blockchain hosts numerous projects vying to attract users, and any successful initiatives could positively impact Cardano’s market performance. However, without accelerated adoption, Cardano may struggle to regain its position in the crypto market and push its price above $1 in the ongoing bull market.
For crypto investors seeking higher upside potential, presale investing in web3 projects and protocols offers lucrative opportunities. By participating in presales, investors can benefit from early bird discounts on native tokens and potentially earn substantial returns if the project gains market traction. One noteworthy project for presale investment is Mega Dice Casino, which has launched a presale of its utility token DICE. DICE holders can enjoy cashback benefits on wagers and passive income through staking, along with exclusive airdrop rewards for early investors.
As with any investment in the crypto market, it’s essential to exercise caution and conduct thorough research before making investment decisions. Crypto assets are high-risk, and this article should not be considered as investment advice. Investors should be prepared to face potential capital loss in volatile crypto markets.
