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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Stunning Fall From Grace: Cardano Suffers 90% Plunge In Market Share Since ’21

Christian Encila
Christian Encila
9 months ago
3 mins read

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After stealing the thunder of cryptocurrency in September 2021, Cardano fell about 90%. Its native token, ADA, lost its position in the top 10 cryptocurrencies as a result of significant losses in market capitalization.

Related Reading: RENDER Flashes Red With 18% Short-Term Loss – Details

This slump in market share sends quite a few questions running through the minds of people: what about the future of the Cardano platform and are its highly talked-about smart contracts good enough?

The Rise And Fall Of Cardano

Cardano was riding high back in 2021. The Alonzo upgrade was supposed to make it a main event player due to the introduction of smart contracts. In that flush of excitement, ADA surged as high as around $3.10.

Fast-forward to the present, and that excitement has vanished. ADA has plunged to about $0.49, with further falls predicted by many analysts. When the first optimism around the smart contracts has worn off, and many wondered whether they had played a role in the decline of the platform.

Whereas the smart contracts of Cardano were meant to open the floodgates, the reality on the ground is rather not up to speed as expected. Most developers have had difficulties in deploying their applications, and the explosion of dApps was expected but not realized. The slow development has frustrated investors and developers alike, causing the erosion of confidence in the platform.

ADA market cap currently at $11.5 billion. Chart: TradingView.com

Competition And Market Sentiment

The intense rivalry in the DeFi area further fuels the hardships. From its initial inception, well-known platforms like Ethereum and Binance Smart Chain had already been able to build high-functioning ecosystems for Cardano, therefore rendering many things quite challenging.

Making matters worse, it rolled out some major projects-including the Hydra scaling solution-painfully slow. Although there has been some progress on Cardano, it generally falls behind the very high expectations set during its earlier days.

Cardano also suffered due to market pessimism. The cryptocurrency markets are unstable, susceptible to global economic fluctuations, and speculation. Interest by cryptocurrency investors in ADA waned as the price continued lower.

Reaction To Hoskinson’s Bitcoin Remarks

Meanwhile, in recent days, Bitcoin community prominent figure Tuur Demeester got into a spat with Cardano founder Charles Hoskinson. The latter had made some pretty provocative comments about Bitcoin.

Classic projection. In just 3 years time, Cardano went from 10% of bitcoin’s market cap to a paltry 1%. pic.twitter.com/CkfQ0izHcd

— Tuur Demeester (@TuurDemeester) September 2, 2024

Hoskinson was quoted to have insinuated that the cryptocurrency industry doesn’t necessarily need Bitcoin, going as far as to predict that a more secure “digital gold” would emerge and make Bitcoin as obsolete as the Windows operating system, which has seen more forward-thinking platforms like iOS and Android eclipse its importance.

Demeester took Hoskinson to task, underlining the irony of his comments by indicating the shrinking market presence of Cardano. He said ADA’s market cap had fallen from 10% of Bitcoin’s to just 1% in the last three years.

This aspect in turn hikes up the pressure on Cardano over its status as one of the major cryptocurrencies. The strong wake-up call from Demeester was that Cardano-from its bright beginning-may struggle much more for survival in today’s fast-changing cryptocurrency environment.

Related Reading

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NEAR Investors Hope New Projects Will Help Coin Rebound From 21% Loss

9 months ago
ADA price down in the last 24 hours. Source: Coingecko

Will Cardano Recover?

Despite these obstacles, there are signs of recovery. A minor price increase in ADA over the past week suggests that some investors still believe in the coin.

The recent Chang upgrade could also have something to do with revitalizing interest in Cardano, including on-chain voting aimed at improving governance. This may provide a better way of involving the community in decision-making and foster more user commitment.

But all is not straightforward and easy from here. Cardano needs to sort out its technical issues, and quicken the pace of development regarding its ecosystem to give it the confidence boost it so desperately needs.

Featured image from Pexels, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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