Cardano Price Drops in Rankings After 11% Loss

Cardano’s upward momentum from this time yesterday has almost completely reversed, wiping out recent gains and returning ADA to the price it opened at on Tuesday.

ADA was one of the best performers in the Top-10 yesterday, and it briefly managed to push Stellar out of 7th spot in market cap rankings. Now ADA and XLM are taking turns pushing each other up and down between 7th and 8th, with only a few million separating their valuations at this point.

ADA coins started the day at $0.166, before some hectic movements saw its price fall to $0.147 – an 11.4% loss. This is almost an exact inversion of yesterday’s growth, and is a harsh reminder that the market is not ready for the bulls just yet.

Month on Month Decline

But when are the bulls coming? Well we’ve just witnessed almost five days of steady growth across the entire market, and that’s something that hasn’t been said in months. So unless the whales are merely trying to flush out more of the weak hands, there’s a case to be made that we’re on the very edges of an imminent climb.

As an example of how bad the month of June has been, consider that Cardano started June with a valuation of $0.22, before falling to $0.11 by June 29th.

The same trend was witnessed in the previous month, with ADA coins going from $0.38 at the start of the May, before sinking to $0.17 by May 29th. Here’s hoping that by the 29th of July we’re not examining the same pattern.

Hoskinson at Google HQ

Today’s price movements won’t be a source of encouragement to Charles Hoskinson, creator of Cardano, and blockchain development group – IOHK. But Hoskinson did appear at Google HQ in London earlier this week, where he took part in a question and answer session, a transcript of which was posted to the IOHK blog shortly afterwards.

One of the questioners posed a challenge to Hoskinson, asking what makes Cardano likely to push Ethereum off its throne. Hoskinson responded:

“So tell me how many Java, C++ or Go developers are writing code on Ethereum? You can’t, Ethereum doesn’t support any of these languages. They can’t even run a single viral app on the platform. If you look at the top 10 languages, none of them works on the system, so, by definition, all those developers aren’t developing for the system, they have to go and learn new tools and new stuff.”

One question revolved around Cardano’s focus on its platform, without necessarily the same amount of focus on apps, partnerships and real-world use cases. Hoskinson agreed with the point, and described it as:

“Yeah. It’s kind of like we’re building the Xbox. So the question is, what’s our Halo?”

Cardano isn’t the only one looking for its Halo. The ever elusive real-world use case is something that almost every coin and token needs if they’re going to last into the future.

Featured image courtesy of Shutterstock.

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.