Cardano [ADA]’s performance this week and its neck to neck battle with Litecoin [LTC]
Cardano recently fell a place and is now ranked at 7th with Litecoin took over its place. As of today, it experiences a decline of 4.95% in the last 24 hours.
Its figures remain negative even in the last 7-day average. It is struggling to show a positive growth rate at the moment. Its last 7-day average is declining at the rate of 6.28%.
Cardano which was one of the highest gainers in the market but the bearish market has hit Cardano with a huge blow. It has taken a massive hit on its market cap and price in the current bearish market. Currently, the price is declining in the last 1 hour as well and is at $0.3290. The market cap has also dropped down to $8.5 billion.
Despite the recent attempts from Cardano’s team, it finds hard to surge in a bearish market. The team has come up with a few updates in their roadmap with a vision of creating a third-generation cryptocurrency.
They have made progress in a lot of areas and specifically, as the CEO of IOHK, Charles Hoskinson had earlier mentioned about the new paper wallet release. According to the update release from the team, paper wallets will see a first version release very soon. Their Daedalus wallet accounts and multi-currency ledger are the two new roadmap items that we will be looked forward to.
Stakepool Testnet registration has been extended until the end of May to give more opportunity for interested parties to register their interest.
They have lined up a new project to which they have not announced any particular release date. Project Goguen which is said to be an open source digital currency which is decentralized. It allows support of multiple cryptocurrencies inside a single ledger. It will feature Side Chains which would easily allow end users to transfer coins between blockchains without using third-party interface.
The above advancement announcements and development in the company fails to reflect on its market performance.
Litecoin and Cardano have a market cap difference of $500 million dollars at the point of writing and even though Litecoin also suffers from the bearish market and experiences a decline of 4.64% in the last 24 hours, its figures in the 7-day average look promising as it surges at 6.68%.
A Twitter user says:
“Sounds promising, but it’s difficult to say when Cardano will show the real growth… Most likely, coins may bear fruit in the long run”
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