Cardano (ADA) Grows 20% Amid Rising Tide
The price of ADA coins shot up during the early hours of last night – leaping 20% from $0.114 to $0.136. This marks Cardano’s best valuation for 7 days and takes its market cap back up to $3.5 billion.
The unit price of ADA has since settled around the $0.135 mark, and while this signals good news for Cardano, it still marks an overall 40% loss for the month of June. The spike of the last day will be an occasion to rejoice for crypto enthusiasts, but let’s keep it in perspective – we’re like a sports team that has just recorded its first win in months. Good news, most definitely; but it still leaves us near the bottom of the league.
Cardano holders should know this feeling, after all, the current ADA price is still 65% less than it was just two months ago. Going back to January, we’re looking at an all time high of $1.28 – meaning Cardano has shipped almost 90% of its value since the start of the year.
Ultimately, even the currency price, with today’s spike taken into consideration, still adds up to the lowest ebb for ADA since December last year. This remains the case for the majority of coins, both in the Top-10, Top-100 and beyond.
CNBC’s resident crypto analyst, Ran Neu-Ner reserved praise for Cardano on Thursday when he suggested that Cardano was currently undervalued. While CNBC is hardly the first place that hardcore crypto enthusiasts look for their daily news, many newbies to the crypto game are still locked in the mainstream media newscycle.
Given Bitcoin’s surge, and the subsequent market growth that has accompanied it in the last few hours, it would be difficult to pinpoint the net effect of such pronouncements. There’s no doubt that Cardano can ascend higher than its current value, especially when you look at its price of just a couple of months ago.
Joining Forces with Tron?
While Cardano and Tron are located very near each other in the market cap rankings, and have been marked as possible competitors, there seems to be the possibility of some cooperation between the two.
A few days ago on June 25th, Cardano co-founder Charles Hoskinson reached out to Tron founder Justin Sun, and proposed that Tron take advantage of Cardano’s platform tools.
In what many assumed was a bout of sarcasm, Hoskinson tweeted out:
“I’m being entirely serious. They seem to be using a fork of ethereum java. It would be much much better to use Mantis as a base.”
Tron’s founder took a while to reply, but a couple of days later tweeted out, in non-committal fashion:
“Thanks for the advice! We’re looking to build the best blockchain technology so we’ll look at mantis too.”
Featured image courtesy of Shutterstock.