It is not entirely surprising to see all of the major cryptocurrency markets lose a ton of value right now. Ever since Bitcoin decided to turn bearish for no apparent reason, the overall momentum has been rather troublesome. Some markets are dealing with a lot more pressure compared to others. The Cardano price, for example, is bleeding value left, right, and center at this time.
Cardano Price Pressure Picks up Again
It is safe to say none of the alternative markets will see any real positive momentum unless Bitcoin picks up the pace in a significant manner. For the time being, it seems unlikely that will happen in the near future, primarily because there is nothing to warrant an effective uptrend. In the case of Cardano, its close-knit reliance on Bitcoin is causing a lot of problems over the past 24 hours.
More specifically, the Cardano price has dropped by over 13% in the past 24 hours. Because of this major setback, the USD value per ADA has now hit $0.042872. There is also a 5.4% decline in ADA/BTC, pushing the value down to 1,122 Satoshi. While a dip to 1,000 Satoshi will not necessarily become a problem this week, the pressure may not necessarily relent either. An ongoing decrease in ADA trading volume also doesn’t appear to bode well.
Whereas most crypto markets are noting a small to medium-sized increase in overall trading volume, it does not seem as if Cardano is following suit. For a top 15 coin by market cap, it appears there is just $47.5m in 24-hour trades. Not all that impressive, especially when compared to all other markets. Until that situation improves in a significant manner, it seems unlikely ADA will become an exciting market once again.
There is one very promising development coming to Cardano in the near future. A recent tweet by Charles Hoskinson confirms stakepools will be introduced at some point in the future. Stakepools can be a very promising addition to the Cardano ecosystem. Further details regarding this effort have yet to be unveiled and confirmed at this point, though. Even so, it seems to get a lot of ADA community members excited at this point.
— Charles Hoskinson (@IOHK_Charles) February 25, 2019
For those traders and speculators who simply want to make a lot of good money, trading cryptocurrencies may be a bit too dangerous right now. Exploring the arbitrage opportunity involving ADA may be a safer bet, assuming one has access to both platforms involved in this trade. For a potential profit of up to 3.3%, it is evident some effort may be required. Under these circumstances, such a profit should never be overlooked.
— Arbing Tool (@ArbingTool) February 25, 2019
All of these signs confirm this bear trend is very real and can continue to pose a lot of problems in the next few days. Considering how Bitcoin dictates the pace for all markets as of right now, there will be nothing to rejoice about until the world’s leading cryptocurrency gets its head out of the gutter. When that will happen, or what will trigger a sudden reversal, is anyone’s guess at this time.
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.