Cardano Price Keeps Declining Despite Yoroi Wallet Launch

January 28, 2019

It has been a while since Cardano got cryptocurrency traders excited. Today will not be one of these days either, primarily because its value has continued to decline for quite some time now. The current Cardano price sits at $0.038, which is quite a long way removed from its all-time high. No immediate improvement is in sight either at this time.

Cardano Price Woes Grow Worse

Under the current market circumstances, it is not all that surprising to learn Cardano cannot maintain its value in the slightest. In fact, none of the top currencies can do so while Bitcoin is still bleeding value all over the place. This creates a very unfortunate trend which drags all markets with it in very quick succession. Based on the current Bitcoin trend, it seems unlikely anything will change in the near future either.

Over the past 24 hours, the Cardano price has lost another near 9% in value. This brings the value down to $0.0377, with a further decline seemingly on the horizon. There is also a 5.6% decline in Bitcoin value, as one ADA is now valued at 1,093 Satoshi. Neither trend will get people excited in the foreseeable future, albeit this also creates a very interesting opportunity to buy in.

The big news for Cardano this week is how a new Android wallet has been released. Known as Yoroi, it has been approved this week, with an iOS solution coming to market in the coming days or weeks, pending Apple’s approval. This is another big step forward for this particular cryptocurrency ecosystem. Mobile wallets are in high demand as of right now.

For those who are looking for any sort of market trend or indicator, Dutch XrPal has one covered. It is pretty interesting to note how this user thinks him buying any cryptocurrency will lead to a further price decline in the future. Assuming that is indeed the case, his tweet of several days ago makes a lot of sense, in hindsight.

Benjp is looking at the current market trend from a slightly different angle. More specifically, he expects ADA to drop further in the coming hours, although there will be a potential 65% gain over the coming months. That in itself is quite interesting to keep an eye on moving forward.  Although such a drop would not be impossible whatsoever, one has to wonder how all of this will play out.

So far, the overall market sentiment seems to indicate there will be further bearish pressure for Cardano in the foreseeable future.  That in itself is not the development users and speculators are looking for, although one can’t expect miracles when all markets rely on Bitcoin first and foremost. As such, the coming hours will not necessarily be pleasant whatsoever, but it is what it is.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

About The Author

Jdebunt

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.