The ADA token was hit particularly hard, sending Cardano down to ninth among cryptocurrencies by market capitalization.
The Cardano (ADA) price has had a rather difficult time in recent weeks. The ADA token was hit particularly hard by the bear market and more recently by the FTX crash. This is why Cardano even fell to ninth among cryptocurrencies by market capitalization.
The year 2022 was very difficult for the Cardano (ADA) course. The cryptocurrency has been particularly affected by the bear market. Going back to 2021, around September, a new all-time high for Cardano, at over $3, was seen.
In the last few weeks, the Cardano price has fallen from $0.45 to $0.25. This slide was only briefly interrupted by the altcoin rally at the end of October. The FTX crash, though, wiped out this rise again. After that event, Cardano’s downwards course kept going.
Why is the Cardano Course Doing So Badly?
Cardano (ADA) is particularly vulnerable to bear market losses. The price has repeatedly lost value in bearish phases. On the other hand, the rallies in the ADA are very strong and also sustainable. Therefore, the current developments are initially of no concern.
It is worth mentioning that the developments on Cardano are still progressing. Following the Vasil update, January will see the launch of DJED, the network’s algorithmic stablecoin. However, investors are not particularly interested at the moment.
Will the Cardano Crash Happen in the Coming Weeks?
The bear market has a firm grip on cryptocurrencies at the moment. There is also the aftermath of the FTX crisis. Many companies, most notably Binance, are under scrutiny. Confidence in the market has fallen dramatically in recent months.
In this mixed situation, it is not certain that another sharper decline in the market will be seen in the coming weeks. Just after the bitcoin breakout attempt was halted in recent days, another market crash is now imminent. This could take Cardano seriously.
Can the ADA Fee Go Down to 10 Cents?
The Cardano (ADA) price trend is very negative right now. It is definitely possible for ADA to drop below the $20 cent mark in price once again. If the drop becomes massive and the price of Bitcoin falls back to the $10,000 mark, then the Cardano course is also threatened with a sharp drop to 10 cents.
The danger of such a price drop is particularly great in the coming weeks. The uncertainty in the market is enormous. However, a turnaround could be just around the corner in 2023. The year 2019 has shown that a second year in the bear market can certainly bring big gains. If the market reverses, we may see Cardano price above $0.50 again in the coming months.
By Audy Castaneda
