Cardano Sinks To New Lows Amid Brewing Chaos That Could Send It Out Of The Top Cryptos By Market Capitalization.
28 Nov 2021, 08:00
Cardano Sinks To New Lows Amid Brewing Chaos That Could Send It Out Of The Top Cryptos By Market Capitalization
ADA is going through a turbulent patch at the moment that could see a massive decline in values. The asset has posted double-digit losses in the last 24 hours despite optimism from Charles Hoskinson.
Falling ValuesCardano reached a high of $3.10 in September after the completion of the Alonzo hard fork, spelling the beginning of smart contract functionality for the network. The flurry of activity preceding the development led to ADA rising to become the third-largest cryptocurrency after Bitcoin and Ethereum.
As an Ethereum killer, the air was rife with speculation that it was going to flip Ethereum because of its “green” nature and “slow and steady” approach with no room for errors. However, its stay at the top was not long-lived as SOL’s and BNB surge displaced it, leaving it in 6th place.