Cardano Price Misses Fireworks On Its Birthday, How Far Will ADA Fall?

The Cardano price has followed the general sentiment across the market and traded to the downside over the past week. The cryptocurrency lost its spot as one of the valuables in the crypto top 10 by market capitalization and could be poised to see further losses. Related Reading: Ep01- Dr. Ruja – Companion Guide For BBC’s “The Missing Cryptoqueen” Podcast At the time of writing, the Cardano price trades at $0.43 with a 6% loss and 2% loss over the last 24 hours and 7 days, respectively. As ADA trades to the downside, some major cryptocurrencies have been able to score profits and are showing strength against the general market sentiment. Charles Hoskinson Celebrates, While The Cardano Price Stalls The Cardano price weakness is more evident as the cryptocurrency failed to react to recent events that were prompting bullish expectations for market participants. First, is the Ethereum “Merge”, the event that completed its transition to Proof-of-Stake (PoS). “The Merge” failed to provide bullish momentum for PoS cryptocurrencies, such as Cardano. In step, Proof-of-Work (PoW), such as Ravencoin (RVN) and Ethereum Classic (ETC), benefited from the anticipated post-Merge rally. In addition, the Cardano network was preparing to deploy a major update on its mainnet via a Hard Fork Combinator (HFC) event called “Vasil”. One of its most important milestones since the implementation of smart contract capabilities with HFC “Alonzo”, the rec...