Cardano (ADA) has been on a downward trend for the past few weeks, with the most recent dip coming after the company announced that it would not be able to make its scheduled upgrade to their platform.

Cardano has been caught in a tough spot after failing to take advantage of the uptrend posted by its peers. Read more in detail here: cardano news.

During last week’s wider crypto market upswing, several of the major altcoins rose with the flagship cryptocurrency.

Cardano’s native token, ADA, on the other hand, experienced no activity and, like Solana, was one of the currencies that missed out on the uptrend. As a consequence, ADA is currently fighting to remain afloat. According to statistics from coinmarketcap, the cryptocurrency has lost ground to Binance Coin and currently ranks fourth.

Is Cardano losing his status as the “Ethereum Killer”?

Cardano is in danger of falling even lower if the excitement around its smart contract capabilities fades. Binance Coin, which has regained third position after Cardano seemed to give up on the $3 push, has benefited from a number of positive developments. The network announced in a tweet on Sunday that it had reached a major milestone of 100 million unique addresses.

Cardano made a few of big announcements at its Summit event last month, but its market performance hasn’t matched them. Concerns are rising, particularly given that neither the Alonzo upgrade nor solid fundamentals indicating increased blockchain usage across DeFi companies have had the desired effect on the token’s price. Within the crypto world, there are currently claims that Binance Smart Chain (BSC) is the real Ethereum killer.

Following an announcement that it was officially supported on the Wormhole network, the Binance Smart Chain joined the cross-chain (ETH & SOL token bridge) bridges bandwagon last week. Users will be able to bridge assets like as tokens, including non-fungibles, between BSC, Solana, and Ethereum as a result of this advancement. This is good news for Binance Coin since it signifies progress and development in the wider ecosystem.

Cardano caught in a tough spot after failing to take advantage of the uptrend posted by its peers – Cardano Weekly

The major cryptocurrencies have market domination. TradingView is the source of this information.

The BNB token has a market value of $81 billion, implying that ADA, which has a market capital of $69.3 billion, would need to grow by more than 15% to catch up. Cardano’s supremacy has been weakened in recent days, with the coin now behind Binance Coin and Ethereum by 2.71 percent and 17.88 percent, respectively.

The ADA’s average transaction costs have skyrocketed.

According to blockchain analytics company Messari, the average transaction costs on the Cardano network have increased by 88 percent since March and over 1,500 percent since the beginning of the year. Fees were $0.03 on average at the start of the year before rising to $0.25 in March. The number reached a high of $0.48 in May before falling the following month. In August, the charge began to rise again, reaching a year-to-date high of $0.68.

Cardano caught in a tough spot after failing to take advantage of the uptrend posted by its peers – Cardano Weekly

Chart of Cardano’s typical transaction fees

The rise in the average transaction fee value has matched the rise in the price of the token. There were concerns that if ADA costs continued to rise, the network would become uneconomically scalable. Concerns were allayed when Cardano’s creator Charles Hoskinson stated that when the present plan is considered outdated, token holders will debate alternatives to control transaction costs.

The performance of the Cardano market

Between March and September, the rising price of Cardano’s native token, ADA, seems to have sapped the momentum in ADA/USD. The pair has fallen substantially in October, exacerbated by the inability to profit from the recent advances in major cryptocurrencies.

Cardano caught in a tough spot after failing to take advantage of the uptrend posted by its peers – Cardano Weekly

Cardano’s trading chart over the last seven days

As of this writing, ADA is trading at $2.13, up 0.74 percent over the last seven days. Its recent market action suggests a negative prognosis, which will be all but confirmed if ADA falls. If the token fails to remain above the $2.05. support zone, it will most likely fall below $1.80. The ADA/USD pair is on a difficult upward road, and the prospects of an upswing are dwindling. It’s also worth noticing the significant resistance up above $2.80, which has historically been a roadblock on the way to $3.00 for the token.

Cardano’s price has been rising steadily since the beginning of September. However, it seems that the cryptocurrency is not able to take advantage of this uptrend as its peers have done. Reference: why has ada gone up.

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