Cardano (ADA) Offers Investors Significant Discount Following Latest Skid

Cardano (ADA), the blockchain for complex programmable transfers, is currently mired in a month-long losing skid over concerns that the development road map is facing considerable delays. The highly touted Shelley upgrade is more than a month past due, leaving many questions about the network’s future unanswered.

ADA Price Update

The value of Cardano’s ADA token fell 6% on Thursday to reach $0.0606, according to CoinMarketCap. That’s the lowest level since the end of March.

Over the past month, ADA’s value has plummeted around 27%. Over the same stretch, bitcoin (BTC) has gained nearly 17% while the overall cryptocurrency market has added 4%.

Cardano ADA Price

ADA was last down down 8.5% against bitcoin to trade at 0.00000996 BTC. Read more: Trade Recommendation: Cardano.

Even with the latest pullback factored in, Cardano has a lifetime return on investment of 180%. It has a total circulating supply of 25.93 billion units and achieved an all-time high of $1.33 on January 4, 2018.

ADA was a top performer at the end of the first quarter and eventually flipped Tether (USDT) for ninth spot in the market cap index. That so-called “flippening” occurred in early April, just before the current downtrend began.

At current values, the Cardano blockchain is worth nearly $1.6 billion, placing it in tenth spot on the active market-cap list.

Shelley Upgrade Faces Delays

After a successful hard fork at the end of March, Cardano’s long-awaited path to the Shelley network upgrade appeared to be on the right track. But development has further slowed given the depth of research required to pull off the next phase in the platform’s evolution.

That was the explanation offered by Charles Hoskinson, Cardano’s founder, who took to YouTube earlier this week to offer a brief update. Hoskinson said he has more than 50 full-time engineers working on the Shelley project, which involves transitioning to a proof-of-stake consensus and creating a fully decentralized system.

“Generally speaking, when this happens in industry, what happens is that the R&D phase concludes before it’s consumerized or productized … So you guys see the end result of projects,” he said.

As per Crypto Insider, he added:

“When you’re doing new things, when you’re pioneering, occasionally, every now and then, you have a delay. Again, these delays aren’t because [of a] lack of resources or lack of knowledge. It’s because of the newness behind the protocols or because you discover things that make you change things along the way.”

Despite these development hurdles, Cardano is one of the highest ranked blockchain projects when user activity, developer behavior and asset maturity are factored. According to CoinMarketCap, Cardano has a Fundamental Crypto Asset Score of 866, which is equivalent to an “A” rating. Only Ethereum is ranked higher.

Read more: The Long-Term Bullish Case for Cardano (ADA)

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.

Chief Editor to and Contributor to, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi