The cryptocurrency market saw a tsunami of negativity. Several assets sharply declined, with Bitcoin (BTC) leading the way. The price of Cardano ADA dropped by around 6% on the last day. ADA’s price at the time of writing was $0.38. In the last four months, the asset has experienced a sharp decline. From its peak in March, its price declined by 50%, then by another 60%, until starting to stabilize in mid-July. This significant decline demonstrates the persistently bearish attitude in the market.
Several investors have hopes instilled in August. According to Changelly, ADA will reportedly see a slight uptick this month. Cardano will cross the $0.40 level and reach a high of $0.44. The altcoin will trade at an average price of $0.40.
Cardano may benefit greatly from the impending Chang hard fork. This update, which is planned to enhance the platform’s smart contracts, might greatly impact how well ADA performs in the future. If it does, it might provide the market the push it needs to shift its sentiment.
Also Read: Cardano: ADA Targets $1 Post Chang Hard Fork Upgrade, Now 33% Complete
Cardano to Flip Bitcoin
The creator of the Cardano network, Charles Hoskinson, was spotted making audacious claims about the asset in a recent interview. He thinks the asset has a chance to surpass Bitcoin along with the market as a whole. Hoskinson believes that Cardano must maintain its distinctive qualities. He went on to say,
“If we can do what I’m saying, there’s no way to beat Cardano. At the end of the day, it has lived up to what Satoshi started. Bitcoin stalled. The only value proposition it has is it’s big and successful, that’s it. It’s not some new technology, it’s not some new capability, it’s not the fact that it’s super easy to use it to go and do something interesting.”
Also Read: SEC Reset: Solana, Cardano, MATIC Cleared in Binance Case
