Price Analysis

Cardano Price Analysis: The Ranking and MCap of Cardano (ADA) Fell Sharply, Amidst the Bearish Market Trends

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In a recent announcement, the Cardano Foundation made an announcement of being an official member of the Chamber of Digital Commerce (CDC). The commercial branch of the Foundation, EMURGO, joined CDC as part of its Executive Committee. Not to forget that the Chamber of Digital Commerce is the world’s leading association representing the digital asset and blockchain industry. The CDC is a group of big multinational corporations, enterprises, and start-ups working in the field of blockchain and financial industries. The main aim of the CDC is to promote the adoption of blockchain-based solutions and digital assets. Interestingly, the aim of EMURGO is a similar one. And the partnership will surely help in flourishing the eco-system and will bring value to ADA users.

ADA Current Statistics (On July 02, at UTC 09:52):

  • The trading price of Cardano (ADA) was around 0.079622 USD.
  • At the same time, ADA vs. Bitcoin was trading around 0.00000785 BTC.
  • The Market Capitalisation of the ADA coin was 2,077,559,599 USD.
  • Additionally, the 24-hour trading volume in the altcoin was 175,035,111 USD.
  • With a Return on Investment of 269.64%, the total Cardano coins circulating in the market were 25,927,070,538 ADA.

Cardano Chart Comparison:

Cardano price chart - july 2

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Let’s have a look at the price variation of the altcoin over a period of 25-days. On June 07, Cardano (Cardano to USD) was trading around 0.083583 USD. Nevertheless, the crypto has shown a significant dip from there, and today it is trading with a decline of 4.94%. In weekly charts as well, Cardano coin has made a breakdown of 21.12% from the market price of 0.101291 USD on June 26.

Cardano Price Prediction:

The market seems to be moving slowly or rather trading downwards now. A similar movement can be observed in the ADA coin. According to our prediction, by the end of the year, Cardano might trade around $0.3 to $0.5. But the current scenario is not an optimistic one.

Conclusion:

The Cardano Foundation is extending its market reach at a fast pace. However, the market is dragging the currency down. The latest membership of EMURGO in the CDC is a ground-breaking achievement for the altcoin. As it now it is not a good time for trading in Cardano. The short-term trend is bearish. However, one can expect a substantial return from the altcoin in the long term.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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