Cardano Plummets Sharply After Reaching $2.47

The Cardano price movement in the past week

The price pattern of Cardano’s ADA witnessed an immense surge by almost 816% in 2021 that made the market cap of the smart contract platform soar to $61 billion. It is evident from the way the value of Ether remained more or less the same over the past six months that the third-generation protocol has come pretty far ever since its initial days. There has been an evolution in the derivatives market of ADA with the increase in the price of ADA on May 16 to 2.47 dollars, finally toppling the 2 dollar standard. The $1 billion in futures is now a profitable opportunity as well as a financial risk for the investors. Investors have become very cautious as there seems to be a liquidation of $200 billion right around the corner. The whole situation is starkly similar to that of the disastrous 23% price drop that happened on April 17.

Will the ADA plunge persist?

According to Cardano price prediction, we believe that the price of ADA shall not continue to plummet owing to the recent complete decentralization of Cardano that is bound to drive its price and appeal higher. Today, the control over the Blockchain of Cardano has been completely transferred to the community of users, and this transfer shall attract more investors.

Mark Cuban’s keen interest in ADA

It seems that Mark Cuban, the famous entrepreneur and billionaire, is rooting for Cardano’s ADA, as is evident from his social media posts. Cuban engaged in an interesting dialogue with Charles Hoskinson, the CEO of ADA, to question the use of the token. Hoskinson gave satisfactory responses regarding the redevelopment of the smart contract model of ADA and the addressing of the failure of Ethereum by ADA. Hoskinson’s responses pleased the Shark Tank personality and led him to root for the profitability of Cardano’s ADA.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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