{"id":14217,"date":"2022-12-16T14:52:50","date_gmt":"2022-12-16T18:52:50","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=14217"},"modified":"2022-12-16T14:52:50","modified_gmt":"2022-12-16T18:52:50","slug":"ada-price-sheds-5-in-the-last-7-days-even-as-trade-volume-soars","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/16\/ada-price-sheds-5-in-the-last-7-days-even-as-trade-volume-soars\/","title":{"rendered":"ADA Price Sheds 5% In The Last 7 Days Even As Trade Volume Soars"},"content":{"rendered":"

Cardano has been on the downside since ADA reached an all-time-high of $3.10 back in September 2021. As of writing, the 9th top crypto has dropped 5%<\/a> in the last seven days. In comparison, major cryptocurrencies like Ethereum lost over 4.5%, and Bitcoin shed 2% in the same timeframe.<\/p>\n

However, CoinMarketCap displays a rise<\/a> in trade volume from $221,898,095 to $277,239,103, which represents an increase of over 25%.<\/p>\n

Nonetheless, as the price of ADA continues to decline, this could be the beginning of something else for\u00a0Cardano.<\/p>\n

Macroeconomics At Play<\/h2>\n

In response to persistently strong inflation<\/a> in the United States, the Federal Reserve had to\u00a0increase interest\u00a0rates\u00a0by 50 basis points, taking it from 4.25%\u00a0to 4.50%.<\/p>\n

Despite the fact that inflation has been prevented from fully exploding since the Fed\u2019s prior rate hikes, they still intend to boost interest rates to 5%,\u00a0which could be a problem for\u00a0Cardano investors.<\/p>\n\n

Since the central bank\u2019s interest rate hike, ADA\u2019s price has broken through the $0.3 support level, however it failed to keep the momentum and is now trading at $0.28. This significant price decline suggests that the rumored Ethereum-killer might be losing its aggressiveness.<\/p>\n

Cardano\u2019s TVL<\/a> is only $71.05 million, compared to Ethereum\u2019s $23.4<\/a> billion. Additionally, NFT sales<\/a> on the ecosystem have decreased, exerting additional downward pressure on ADA\u2019s price.<\/p>\n

On Optimism & Following The Right Path<\/h2>\n

Despite the confluence of these events, the leaders of Cardano appear optimistic about the future.<\/p>\n

Jerry Fragiskatos, chief commercial officer at Input Output Global, stated in an interview<\/a> with crypto space influencer Scott Merkel that he believes Cardano is following the right path.<\/p>\n

\u201cI think time will tell, and I think we\u2019re taking the right approach,\u201d he said.<\/strong><\/p>\n

In addition, he compared the ecosystem\u2019s dire state to the corporations that survived the dot-com bubble. This comment relates to analogies between the demise of FTX and the dot-com<\/a> era of the early 2000s.<\/p>\n

He also discussed the manner in which ADA tokens are distributed to investors, highlighting the fact that there are few whales and ecosystem insiders.<\/p>\n

As Fragiskatos stated, only time will tell if ADA survives the current bear market.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Cardano has been on the downside since ADA reached an all-time-high of $3.10 back in September 2021. As of writing, the 9th top crypto has dropped 5%<\/a> in the last seven days. In comparison, major cryptocurrencies like Ethereum lost over 4.5%, and Bitcoin shed 2% in the same timeframe.<\/p>\n

However, CoinMarketCap displays a rise<\/a> in trade volume from $221,898,095 to $277,239,103, which represents an increase of over 25%.<\/p>\n

Nonetheless, as the price of ADA continues to decline, this could be the beginning of something else for\u00a0Cardano.<\/p>\n

Macroeconomics At Play<\/h2>\n

In response to persistently strong inflation<\/a> in the United States, the Federal Reserve had to\u00a0increase interest\u00a0rates\u00a0by 50 basis points, taking it from 4.25%\u00a0to 4.50%.<\/p>\n

Despite the fact that inflation has been prevented from fully exploding since the Fed\u2019s prior rate hikes, they still intend to boost interest rates to 5%,\u00a0which could be a problem for\u00a0Cardano investors.<\/p>\n

Since the central bank\u2019s interest rate hike, ADA\u2019s price has broken through the $0.3 support level, however it failed to keep the momentum and is now trading at $0.28. This significant price decline suggests that the rumored Ethereum-killer might be losing its aggressiveness.<\/p>\n

Cardano\u2019s TVL<\/a> is only $71.05 million, compared to Ethereum\u2019s $23.4<\/a> billion. Additionally, NFT sales<\/a> on the ecosystem have decreased, exerting additional downward pressure on ADA\u2019s price.<\/p>\n

On Optimism & Following The Right Path<\/h2>\n

Despite the confluence of these events, the leaders of Cardano appear optimistic about the future.<\/p>\n

Jerry Fragiskatos, chief commercial officer at Input Output Global, stated in an interview<\/a> with crypto space influencer Scott Merkel that he believes Cardano is following the right path.<\/p>\n

\u201cI think time will tell, and I think we\u2019re taking the right approach,\u201d he said.<\/strong><\/p>\n

In addition, he compared the ecosystem\u2019s dire state to the corporations that survived the dot-com bubble. This comment relates to analogies between the demise of FTX and the dot-com<\/a> era of the early 2000s.<\/p>\n

He also discussed the manner in which ADA tokens are distributed to investors, highlighting the fact that there are few whales and ecosystem insiders.<\/p>\n

As Fragiskatos stated, only time will tell if ADA survives the current bear market.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-14217","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/14217","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=14217"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/14217\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=14217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=14217"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=14217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}