The crypto market is turning a deep dark red today and cardano (ADA) cannot escape the dance! The altcoin was the only one to rise rapidly in recent days, while bitcoin (BTC) fell sharply. But today ADA’s price went in half.
Cardano, the crypto project that could become a major competitor for Ethereum (ETH), was three days ago at a price of $ 2.47 on crypto exchange Binance. This all-time high (ATH) was set after an impressive 60% rally that seemed to be the result of several rumors at the time. For example, Cardano touted itself as the perfect option for Tesla, the company that previously announced that it will no longer accept bitcoin as payment.
A few days later, however, we see cardano has dropped in value by more than 60%. The low point of the current correction came in at exactly $ 1 on Binance. So quite a blow for ADA owners. It is questioned whether such corrections are unique and may herald the start of the bear market. Still, this analyst still has some hope based on corrections we’ve seen in the past.
The $ 1 seems to be providing strong support for now. In the past hour, ADA has increased in value by 40% again. Of course, no one knows whether this was the correction. In any case, the panic is good. At the same time, we see from the current bounce of more than 40% that many traders also seem to be seizing the opportunity to buy the dip.
The number of cardano millionaires has risen sharply this year, namely by no less than 1,231%! However, this was before the current correction. Nevertheless, ADA is still almost 700% in the plus since the beginning of 2021!
As mentioned, Cardano could become a major competitor for Ethereum in the coming months. The developers of the network therefore focus their gauges on the developers who build on Ethereum. Cardano will soon launch a handy converter with which these developers can easily make the switch.