Cryptocurrency experts may argue whether there is a “crypto winter” in progress.
Cardano is up 5.75% in the last 24 hours.
With Cardano (ADA), the problem is not the crypto. This has more to do with today’s crypto economy rather than the past. Cryptocurrency values may have stabilized since December and January when they were plunging. However, Bitcoin (BTC), Ethereum (ETH), and other significant cryptocurrencies may not be able to fully recover from their recent losses because of increasing interest rates and the federal government’s efforts to regulate this “wild west” financial system.
The difficulty can be considerably more significant for Cardano, as, unlike Bitcoin and Ethereum, it didn’t hit its top in November. After implementing the Alonzo enhancements in September, the price surged. Since then, it has reduced in price by more than 70 percent. Few in the market believe that this alternative currency can compete with Ethereum.
User Adoption and New Developments on Rise
Cryptocurrency experts may argue whether there is a “crypto winter” in progress. However, even if the near-term potential for crypto may be restricted due to rate rises and macro headwinds, the market may not be in a proper winter, according to a new Bank of America research note.
This is because user adoption is increasing, and new developments are taking place in this area. All of this may be true, but for people wanting to invest in Cardano, it doesn’t matter whether there is a technical crypto winter. Moreover, ADA price steadily increases, promising investors’ interest in crypto.
One may not be able to be convinced that the days of crypto heading upwards will come once more because of the points mentioned above, which include mediocre returns and a lack of liquidity. But the momentum has started to shift for good. According to CoinMarketCap, the Cardano price today is $0.944843 USD with a 24-hour trading volume of $1,512,227,992 USD. Cardano is up 5.75% in the last 24 hours.