Cardano (ADA) Price Analysis : Cardano’s Market Flowing Towards a Profound Build-up
Cardano – whose cryptocurrency is denoted by ADA, is an advanced and efficient combination of Bitcoin and Ethereum. Cardano is a step ahead and facilitates both the platforms in a better way. In simple terms, Cardano is a cryptocurrency that is decentralized, blockchain based system, powered by the ADA coin and it runs on the Cardano platform. The main objective of this cryptocurrency to create a sustainable ecosystem using the separated layers to manage the transaction of ADA coin and smart contracts separately.
According to reports from Coinmarketcap, the market cap value of Cardano (ADA) as on March 15 at 11:14 UTC is USD 1,274,538,013. The corresponding price of ADA/USD pair and ADA/BTC pair are USD 0.049159 and 0.00001252 respectively. It is the 11th largest cryptocurrency in the market. The markcap value has been majorly on the downtrend between January 11 and February 17, with a brief increase in values. The market values traded at over 1000 million USD at the beginning of January, reached a high of 140 million on January 10. However, it has been on a down drifting ever since. It reached its lowest of USD 947,240,195 on February 08 at 11:34 UTC which is 34.55% lower than the current value. There was an elevated percentage value of 34.97% between February 08 and February 24 when the numbers rose from the all-time low to its all-time high of USD 1,295,790,962 on February 24 at 12:34 UTC. After the brief enhancement, the values descended to the current value. Howsoever, the 14-day moving average shows an uptrend with values rising from $1,131,540,280 on March 01 to the current value with a percentage difference of 12.64%. This pushes the cryptocurrency into the bullish market.
However, the price of USD of ADA has been on the lead followed by MCap/BTC pair. An analysis shows that the price of BTC had dropped from an all-time high of 0.00001337 on January 10, 2019. The high values did not sustain for long and have been on a downtrend reaching its lowest on February 06 with a value of 0.00001062, a 25.89% decrease. The values rose to the current value, with a significant percentage rise of17.89%. However, the MCap value of the cryptocurrency surpassed the bitcoin’s value on February 19 and merged again recently. The MCap/USD of ADA reached its all-time high on February 24, when MCap value crossed 1295 million dollars at its peak price of USD 0.049978. Nevertheless, the milestone ADA achieved was proved in February when it rallied from a low of $0.040638 on February 18 to a high of $0.049978 on February 24, which is a 22.98% increase within a short period of 6 days.
The 20-day EMA shows that the current market is on the uptrend concerning MCap values. There has been an increase in value, an average of 2.61 percent. The percentages of the moving averages show a significant rise in the values for the overall market. This variation points the balance only in favor of buyers. Hence, its investment time for both the traders and the investors. The current market shows stability for long term investments. For traders with short term investments will find the market favorable to them. Their investments on the digital currency will increase its value in the future.
