The Cardano (ADA) price is struggling on Tuesday as its recent rebound from mid-month lows peters out and the crypto drops out of the global top 10 crypto rankings.
ADA was last changing hands just above $0.50, down close to 3% on the day. After ADA failed to push back above its 21DMA in the $0.52s, sell pressure has picked up.
As per CoinGecko, ADA’s market cap was last around $17.8 billion. That ranks it as the 11th largest by market cap, behind Toncoin (TON) and Dogecoin (DOGE).
Both of these cryptos have market caps of $19.8 and $23.2 billion respectively.
Despite Tuesday’s decline, ADA is still up 25% versus recent lows. The crypto is still down over 20% monthly and more than 15% yearly, however.
Indeed, Cardano has fallen behind other major cryptos in recent months.
While the Cardano price is down 15% in the past 90 days, Bitcoin (BTC) is up 57%. Ether (ETH), BNB (BNB) and Solana (SOL), meanwhile, are up between 40-100% over the same time period.
All of this is probably explained by the fact that Cardano is struggling to achieve real-world adoption.
So, should investors dump all their holdings and switch to other cryptocurrencies?
Cardano Price Prediction – Is It Over for ADA?
On-chain metrics demonstrate how Cardano is failing to attract a real base of crypto users.
The blockchain has just $416 million in total value locked (TVL), as per DeFi Llama.
That compares to well over $10 billion locked on the Solana blockchain, one of its major competitors.
Indeed, despite ranking as the 11th largest crypto by market cap, Cardano ranks as the 24th by TVL.
Moreover, comparisons of daily transaction counts paint an equally grim picture.
According to Messari data, Cardano rarely sees over 100,000 transactions on a given day. On the other hand, Bitcoin has seen between 300,000 and 750,000 daily transactions in the past year, according to Ycharts.
Cardano is a smart-contract-enabled blockchain that is attempting to house a vibrant web3 ecosystem. So, better comparisons would likely be made with Ethereum or Solana.
Based on this comparison, Cardano fares are even worse. Ethereum normally sees over 1 million daily transactions, as per Ycharts. Solana, meanwhile, typically sees 15-30 million.
It’s no wonder that Cardano’s critics continue to refer to it as a “ghost chain.”
Same repetitive but useless slogan of Cardanzos: DYOR
I did.
50K active users daily max
4.4M wallets
350M TVL
88M transactions
200M liquidity in USDM
… this is RIDICULOUS
Tell me something I don’t know and that changes my mind. Cardano is a ghost chain.
— Hossa 182 (@182Hossa) April 18, 2024
As long as this narrative of failure to attract adoption persists, Cardano is likely to continue struggling to keep pace with its major peers.
Bitcoin could be on course to hit $100,000 this year, amid slower supply growth post-halving and continued ETF demand.
The ADA/BTC exchange rate could soon fall back to its late 2019/202 lows around 0.000004.
The ratio between the Cardano price and BTC could soon fall back to its late 2019/202 lows around 0.000004. Source: TradingView
That’s not to say the ADA price will continue to fall in USD. But without faster adoption, it may struggle to push back above $1 in this bull market.
All that being said, the blockchain has dozens of ambitious projects vying to attract users. If any of these projects should at some point start to catch on, Cardano’s fortunes could change.
1/6 – It’s confirmed. Cardano is a ghost chain
Exchange
– @MinswapDEX
– @DexHunterIO
– @axotrade
– @spectrumxnet
– @VyFiOfficial
– @wingriderscom
– @SundaeSwap
– @MuesliSwapTeam
– @TeddySwap
– @CswapDEX
– @OmuraFinance
– @blueshiftfi
DeFi
– @LinkageFinance
-… pic.twitter.com/LQKbHEUfmm
— CardanoThor (@CardanoThor) January 18, 2024
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Web3 projects and protocols often sell their native tokens at an early bird discount to raise funds for development.
If they can find a good project that gains traction in the market, presale investors can book gains of as much as 10x or more.
One such project that analysts at Cryptonews are a big fan of is Mega Dice Casino.
This already well-established crypto casino has launched a presale of its utility token DICE.
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https://t.co/fawORyTnCC pic.twitter.com/IIV1GaPLaZ
— Mega Dice Casino (@megadice) April 23, 2024
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The crypto casino is also running a series of exciting airdrops to reward early presale investors.
The project is already close to having raised $500,000. And potential investors better move quickly, as when the $1 million milestone is hit, the DICE price will rise.
Check Out Mega Dice Casino’s Presale
The post Cardano Price Prediction as ADA Drops Out of the Global Top 10 Crypto Rankings – Is It Over for ADA? appeared first on Cryptonews.
