October 11th was not a good day for Cardano and its many investors. The ADA price suffered a large percentage crash within one day and stabilised only slowly over the past few days. We look at the developments and ask the question about the future of Cardano. Is there any legitimate hope for improvement?
Cardano (ADA) Price Analysis: Trends of October 5-11, 2018 https://t.co/3MjtXEBMv1 pic.twitter.com/TuChNrm3yj
– bloggerviews (@bloggerviews_co) 8 October 2018
Cardano rate drops below 7 cents
If the price at the beginning of October 11 was still at $0.087, investors were very surprised at the end of the day when they had little experience with crypto currencies. We are talking about the digital money Cardano, which on that October day suffered the biggest percentage crash since the beginning of January. At the end of the day, Cardano suddenly stood at only $0.074, before 12 October brought in a larger overall loss. ADA fell below the $0.07 mark again for the first time. November 2017 was the last time the price was at such a low level. At that time the big crypto boom and the record prices of Bitcoin & Co. were still to come and the big mass could not yet really do anything with crypto money and coins, let alone buy crypto currencies.
This situation is now fundamentally different and crypto money has arrived in the mainstream, but nevertheless Cardano does not seem to be able to completely put aside the share price crisis, as the development on 11 October impressively demonstrated. The currency finally ended October 12th at $0.074 before remaining stable since then and not falling below the 7 cent mark. On the contrary, at $0.078 on Monday, October 15, there was even the highest value since the crash on October 11. So where is the currency offered by many brokers and exchanges heading in the near future and what are the reasons for the low flight?
I’m waiting for 33,000 South Korean Stores to accept $ADA as Payment on November 2018. @InputOutputHK@IOHK_Charles@Cardano @CardanoFoundation @emurgo_io pic.twitter.com/DpSXvFkZBQ
– HODL (@HodlBitcoin2020) 9 October 2018
Sign of hope or attack on 0.06$?
Cardano, with a market capitalization of around $1.93 billion, is placed in the top 10 of the most popular crypto currencies, but is still a comparatively small element on the financial market, still dominated by traditional stocks and market leaders such as Ethereum and Bitcoin. That’s why you are mainly dependent on the larger currencies, with the focus always on the Bitcoin rate. This is where the big problem lies, as Bitcoin itself collapsed in those October days and recorded its lowest prices since June/July this year. Only when the price of the market leader has risen decisively again and has scratched the $6,000 mark can a significant rise in the Cardano price be expected.
In addition, the principle of supply and demand naturally also exists in the case of ADA. So if you are currently interested in buying Cardano via our test winner eToro [Insert internal eTor review page here] or a similar trading platform, you can do so easily. However, according to experts, an investment only has corresponding potential over a longer period of time. In principle it can be worthwhile itself however to wait with an Investment still somewhat, in order to wait for the further price development Cardanos as well as the prominent crypto currencies. Comprehensive deployment in countries such as South Korea – see tweet above – can accelerate this process.