October 1, 2021
Cardano’s ADA token skyrocketed back by 150% in August to become the third-largest cryptocurrency in the world by market capitalisation. But, its rise seems to have been short-lived. The market capitalisation of a cryptocurrency is one of the primary ways that investors gauge whether or not a coin is safe to buy as compared to its peers — it indicates its growth potential.
This isn’t even the first disappointment Cardano has had to face his month. ADA’s market capitalisation was bracing to hit $100 billion as recently as September 2, riding on the coat-tails on its Alonzo Hard Fork update. Some were even hoping that it would reach the heights of Ethereum. But, the platform fell short of its triple-digit goal at an all time high of $98.91 billion. In fact, Cardano falls despite unveiling an new stablecoin, partnerships, a new DApp store and more funding
This time around, even the slew of new partnerships announced by the platform barely two days ago, were not enough to shelter Cardano from the pressures of the global crypto market, which has settled into a slump.
The crypto market has been fighting against the fear, doubt and uncertainty (FUD) created by China since last week. Currently, Cardano is up by 1.95% with a price of $2.11 but has been unable to come back up to third rank so far.
Copyright © 2021 Business Insider India