Cardano Price Momentum Sours Following Bearish Bitcoin Trend

January 20, 2019

Even though everyone knew a next wave of bearish momentum would materialize eventually, some currencies are getting battered rather severely. The Cardano price has already lost over 7% in just a few hours. It is expected this trend will continue throughout the day, as Bitcoin’s value is tanking as well. This is not the development Cardano holders are hoping for, yet there is no recourse as of right now.

Cardano Price Drops Following Major Dump

Whenever the value of Bitcoin goes in the red, all other markets will follow pretty quickly. This is the unfortunate side of cryptocurrency. Every other market relies on Bitcoin’s momentum, even though some communities will gladly claim otherwise. In the case of Cardano, it is evident this altcoin will only note momentum when something happens to Bitcoin. That works both ways, and the current momentum is very negative.

Over the past few hours, there has been a 7.2% Cardano price decline. Because of this big setback, one ADA is currently valued at $0.0426, which is not necessarily what investors and speculators would like to see right now. There is also a 3.1% decline in the ADA/BTC ratio. That is very peculiar, as now is a good time for altcoins and tokens to gain on Bitcoin in spectacular fashion. It appears Cardano is incapable of doing so.

There is some positive news affecting Cardano which should keep diehard investors quite happy. The Atomic Wallet for Android has been released earlier this week. Additionally, it seems they will implement Cardano support as early as next week. Mobile cryptocurrency wallet solutions are in high demand right now, and having one’s currency supported by these projects can pave the way for much broader adoption in general.

It doesn’t happen all that often a very troublesome “meme” is poste don Twitter, at least where Cardano is concerned. The message shared by the Windy Buffalo, while amusing, also shows there is some bias toward Charles Hoskinson and his “skills. The actual intent of this Tweet remains unclear as of right now, but it has a more negative tone to it first and foremost. It shouldn’t bother too many Cardano investors, though.

A meme a day keeps all of the bad juju away, at least in the cryptocurrency world.CryptoBu777 is doing his part in this regard by sharing a very funny meme involving Tom Hanks. One can only hope all discussions will turn to talking about the moon and lambos again. Unfortunately, the current market momentum only warrants debates regarding Matchbox cars and photoshopped moons.

Although today’s market momentum is not necessarily a long-term indicator, one has to keep in mind this current momentum isn’t looking very promising whatsoever. It is very likely the Cardano value will continue to drop even further in the future, although no one knows where the exact bottom will be. The lack of gains in ADA/BTC is perhaps the most worrisome trend right now, although that situation can always turn around on a dime.

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.