Cardano (ADA) is Still Down 96% from ATH; Bargain or Bust?
Cardano (ADA) is a coin which tends to split investors down the middle. By one group, it’s seen as carrying out a mature, patient, scientific approach to a task which demands the utmost care.
By the other, it’s viewed as a fanciful, highly speculative good-faith project, made by insufferable hipsters for other insufferable hipsters.
Until a working product is produced, no one side will ever be able to truly disprove the other. In the meantime, it may be interesting to note that Cardano remains down 96.23% from its all-time high of $1.33.
Cardano Nears December Lows
For some context, Ethereum (ETH) is currently down 88% from its all-time high. Litecoin (LTC) is down 80%, while Bitcoin is down almost 50% exactly. Another crypto which performed as though it has an anchor tied to it in 2019, XRP (XRP), is down 93%.
There’s a reason why so many commentators and pundits were screaming about the prospect of ADA priced at $0.05 back during the crypto winter.
Five cents was a price point with which ADA never had time to flirt until last December. When the coin first launched, it traded at the two cent range for just two short months before it got caught up in the altcoin mega-surge. Then it jumped to $0.14 in a matter of days, bypassing flashing past $0.05 in the blink of an eye.
Here today, Cardano is priced around the five cent range once again, however the same pundits are no longer calling for blind faith purchases of ADA. To be clear, that’s not because the Cardano project has changed – it hasn’t. It’s because ADA is now just a 50% drop away from the same lows it plumbed back in December.
The testnet for Shelley – the next major milestone on Cardano’s roadmap – was launched in June, but the main product continues to tease. Even if Shelley and all of its features, such as coin staking, launches by Q4 of this year, what condition will the market and the ADA coin price be in by then?
No other coin in the crypto space has gotten away with witholding a working product for so long. Say what you want about Cardano, but faith has definitely played a part in its survival thus far.
Cardano is Higher Quality Than Other Cryptos?
One group which apparently has faith in Cardano is blockchain analysts Weiss Ratings. On August 22nd they sent the following out to their Twitter followers:
“Virtually everything about Cardano (WeissRating: C+) is of much higher quality than other cryptos. These high standards attract top-level devs, engineers and scientists. In many ways, ADA is setting new standards for what DLT should look like.”
The ADA coin price led the charge among the top twenty cryptocurrencies on Saturday evening. After Bitcoin once again dropped below $10,ooo, Cardano surged 5.8% on the rebound, leaving it ranked 12th with a market cap of $1.3 billion.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.