Cardano (ADA) Price Remains Muted Despite Significant Milestones, Why?
28 Julho 2023 - 8:00PM
NEWSBTC
Cardano (ADA) has been at the forefront of network development over
the last few months. This continued commitment to further
development on the blockchain has led to the network hitting
multiple new milestones. However, the price of ADA has remained
stagnant, so what’s going on? Latest Achievements For Cardano The
year 2023 has been a good year for the Cardano network so far as it
has celebrated multiple achievements during this time. The first of
these is the fact that the Cardano network has recorded one of the
longest uptimes of any blockchain in the space. Related Reading:
Dogecoin Falls While Others Rally, Is It Decoupling From The
Market? Cardano has recorded a continuous uptime record of 2,131
days as of July 28, which means that the network has not had an
outage in almost six years. This achievement points to the sound
technology behind the blockchain, in comparison to competitors such
as Solana which has been characterized by multiple outages since
its launch. Cardano has a current UPTIME of 2129 days exactly.
That’s 5.83 YEARS with NO downtime. Built to last, an uptime the
largest service providers in the world cannot & will never come
close to challenging. Research Wins. We are Cardano. Choose
Cardano. 🙌👏@IOHK_Charles @Cardano… — Dave 🧑🚀💽 🐋 (@beaumont_dvd)
July 26, 2023 Another achievement for the network has the
consistent development taking place. Cardano has consistently
ranked among the top 3 ecosystems when it comes to development and
this time around has been no different. ADA price trending at $0.31
| Source: ADAUSD on TradingView.com According to data from the
on-chain tracker Santiment, the network is number 3 on the list of
assets with the most developments over the last 30 days. This puts
it behind only Polkadot (DOT) and Kusama Network (KSM), both of
which emerged 1st and 2nd, respectively. This placement also puts
Cardano ahead of its largest competitor Ethereum in terms of
development. 🧑💻 Top 10 #crypto assets by development activity:
notable #github commits, past 30 days: T1 @Polkadot $DOT T1
@kusamanetwork $KSM 3 @Cardano $ADA 4 @dfinity $ICP 5 @hedera $HBAR
6 @vegaprotocol $VEGA 7 @ethstatus $SNT 8 @cosmos $ATOM 9 @Ethereum
$ETH 10 @decentraland $MANA pic.twitter.com/SnWDQf5a3y — Santiment
(@santimentfeed) July 27, 2023 But Why Is ADA Not Reflecting The
Achievements? Usually, when a network such as Cardano is recording
such achievements as it has, it is reflected in the price of its
native in the form of a rally. However, there has been no such
performance from ADA. Rather, the altcoin has been shedding its
gains since June. The problem may not be from ADA and might stem
from the fact that the crypto market just reverted into another
bear market trend. As a result, the broader market has been
following the movement of Bitcoin, which on its own has reversed
toward the low $29,000s. Related Reading: Bitcoin Pre-Halving
Patterns Suggest Bull Market Is Not Starting In 2023 Given
Cardano’s developments, if the market were to resume its rally,
then ADA may emerge as one of the top performers. This would stem
from the positive sentiment surrounding the token due to its
significant achievements. Meanwhile, ADA is still performing well
on a broader scale. At its current price, the digital asset’s price
is up over 40% from its June lows, and ADA holding a good chunk of
these gains shows that demand is rising to meet supply, thereby
steadying the price. Follow Best Owie on Twitter for market
insights, updates, and the occasional funny tweet… Featured image
from iStock, chart from TradingView.com
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