In recent weeks we have seen various crypto prices fall by more than 50%, including that of bitcoin (BTC). However, an altcoin would have held up remarkably well amid this panic, namely cardano (ADA). Benjamin Cowen shows this today in his YouTube video to his more than 400,000 subscribers.
In the analysis, Cowen states that ADA owners were “lucky” that the altcoin made a significant pump prior to the crash. From the end of April to the middle of May, ADA doubled in value to hit an all-time high (ATH) of $ 2.46.
The dump was undiminished for Cardano. ADA fell about 60% to $ 1. However, after a slight recovery, ADA is now still above the level of the end of April. This while cryptocurrencies such as bitcoin and ethereum (ETH) are still deeply in the minus compared to the end of April.
In addition, Cowen notices that while bitcoin made a hard crash and thus pulled the market with it, ADA has increased in value compared to ethereum, namely about 60%. Initially, ADA also rose in value against bitcoin. ADA / BTC was eventually pulled down on May 17 as well. But ADA / BTC is still in the plus compared to the start of this dump.
Yesterday, Cardano was still positively in the news. There are now more than 1 million ADA wallets. This is a considerable increase compared to January 1. At that time there were only 200,000 wallets part of the network.
Cardano will go through some major updates in the coming months. Including the update that will activate smart contracts. The project has already entered into several large collaborations, such as with two African countries.