Altcoins

Cardano Is Basically Dead, Stagnant ADA Price Action Aggravates Holders!

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The most dominant asset has created a lot of media buzz ever since the approval of Bitcoin futures ETF approval. Bitcoin price has skyrocketed from below $40k to ATH of $66,600. While the predominance of the crypto space is currently in the green, it appears that Cardano price is lagging behind the majority of the altcoins. 

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It seems ADA is giving a tough time for token holders. With no significant gains despite the launch of its much-awaited smart contracts. The digital token in spite of profits lost its 3rd position for Binance coin with a massive drop in its total market cap and trading volume. Surprisingly, other altcoins are chugging up to outstrip Cardano. 

Cardano’s Transaction Speed Would Slowly Ruin its Reputation!

Cardano is one of the most inventive types of blockchain experiencing late growth. Two months ago, the ecosystem underwent an Alonzo hard fork upgrade to bring revolution to smart contracts space. Followed by the launch, a huge chunk of traders boarded on the platform in greed to earn profits. Yet the altcoin failed to reach the expectations despite started losing its original value and reputation. 

Holders are referring to this token as a sleeping giant and upgrades are outdated. However, heated debate across the market believes that smart contract functionality launched by Cardano is just a basic feature. Which the majority of the altcoins have already adopted. Moreover, the community expressed their frustration over loopholes associated with transaction speed and outdated user experience. 

Also Read : ETH, ATOM & FTT Price To Rally Hard! Traders Keep Watch On These Levels!

Why Portion of the ADA Community is Still Bullish!

A portion of the community expresses their hope towards Cardano. Traders believe the upcoming Basho upgrade and POOP (Proof of Opinion Popularity) consensus mechanism in 2022 will resolve the glitches associated with transaction speed and scalability. Speculations say that the POOP protocol would handle infinite transactions and never run out of fuel.

Collectively, creating enough hype and interest is indeed to fuel the crypto projects but needs to survive for the long term. Cardano’s slow growth surely impacted its holders, because the altcoin didn’t live up to the generated hype. However, if the upcoming upgrade could able to solve the prevailing problems, then it would bring great profits to its holders as well as to the platform. 

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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