Cardano ADA

Presently, the cryptocurrency market is suffering as a result of negative macroeconomic conditions. When it comes to the current cryptocurrency market turmoil, Cardano has been particularly volatile. The value of Cardano (ADA) has dropped by about 15% over the past week and by 5% over the past day. The stock is trading at $0.3639 right now.

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Michael van de Poppe, CEO of Eight Global and a leading crypto analyst, disagrees and predicts a price increase for Cardano. In 2021, when Cardano prices began to rise, he says, they reached the crucial support level. He thinks this is a great time to buy $ADA if you’re an investor.

The Problem with Cardano (ADA) and Why It’s Happening

The global cryptocurrency market as a whole is experiencing difficulty right now as a result of a number of unfavourable forces in the economy. Inflation in the economy is worse than projected, according to the most recent data from the Consumer Price Index. Before yesterday’s CPI report, the Federal Reserve had already taken a hawkish posture. It was increasing interest rates and implementing quantitative tightening. The Federal Reserve is likely to take a more restrictive stance in response to the dismal inflation figures.

The unsustainable inflation in the economy was further underlined by the newly disclosed Producer Price Index. To prevent inflation from becoming systemic, the Fed is focusing on reducing the money supply.

The prospects of the cryptocurrency industry are dimming as a result of the risk of a recession and stagflation.

Cardano’s supporters, though, are confident in the long-term viability of digital currency. DefiYield’s Yevhen Karpenko hypothesised what gives Cardano lasting power. He thinks Cardano is more distributed than other coins because of its Ouroboros consensus process. According to him, there are more than 1,500 validator pools in Cardano’s network.

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Furthermore, Cardano’s transaction speed is superior to that of other cryptocurrencies. At this time, it can handle over 250 transactions per second. While Bitcoin’s TPS is 5, Ethereum’s ranges from 15 to 45.

Important Dates The Federal Open Market Committee meeting on November 2 is getting a lot of attention from market participants. Any price change will be significantly affected by the Federal Reserve’s announcement of its decision on the next interest rate hike.

Source: Google Trend

By Vil Joe

A writer and editor based out of San Francisco, Vil has worked for The Wirecutter, PCWorld, MaximumPC and TechHive. Her work has also appeared on InfoWorld, MacWorld, Details, Apartment Therapy and Broke-Ass Stuart. In her spare time, she takes too many pictures of her cats, watches too much CSI and obsesses over her bullet journal.

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