As other digital currencies track new development paths today, Cardano (ADA) is seeing a somewhat softer bullish growth momentum. At the time of writing, the price of the cryptocurrency is $0.2936, up 1.12% over the last 24 hours. Cardano has only been able to increase by 1.47% during the previous seven days.
Based on its strong ties with Bitcoin (BTC), there is every reason to believe that Cardano might be the next cryptocurrency to see a significant price breakout. Due to its comparatively lower cost and very effective development environment, Cardano is in a unique position.
The ability of Cardano to overcome its own stagnation depends on the efforts of participants in the ecosystem of the protocol to promote the developments taking place on the blockchain. The Cardano network exhibits a number of striking development patterns that illustrate the introduction of fresh goods that can fuel demand for the ADA token.
If maintained, Cardano’s growing purchasing momentum might push the price above the crucial $0.3 barrier level. If achieved, fresh money may be invested, which might eventually feed the rally-inspiring Fear of Missing Out (FOMO).
Surpassing SEC scare
The decision by the United States Securities and Exchange Commission (SEC) to add Cardano to the list of digital currencies it classified as investment contracts is one significant event that prevented the cryptocurrency from continuing on its upward trajectory.
Along with the duo of Solana (SOL) and Polygon (MATIC), brokerage houses including Robinhood, eToro, and Bakkt delisted the currency as a result of the SEC’s tricks. Investors seem to be ignoring their concerns in order to carry on with business as normal, despite the uncertainty surrounding the coin’s future.
The combination of favourable factors in product release, DeFi growth, governance approach, and linkage with Bitcoin is ready to stir a trigger in the long run, keeping Cardano among the top-ranked tokens by market capitalization.
