The Cardano (ADA) price is seeing a small but prolonged decline at a time when the whole altcoin ecosystem is experiencing a parabolic rise. While a token like Worldcoin (WLD) retested its all-time high (ATH) of $7.48 earlier today, Cardano is giving up its gains, falling 0.9% in 24 hours to $0.639.
This decline is remarkable for Cardano, given it was one of the best-performing currencies during the last week. According to current market statistics, ADA increased by more than 18.45% during the last seven days, and the currency has increased by more than 27% in the month leading up to February 19.
Aside from its intrinsic principles, the Cardano protocol has profited greatly from the ascent of Bitcoin (BTC), owing to the association it has with the digital currency. Though Cardano’s price has been reasonably stable for some time, the last month’s reboot has elevated it to another level, making it the envy of the bulk of its competitors.
Cardano’s price has risen from a monthly low of $0.4497 to a high of $0.6375, highlighting the digital currency’s ability to expand into new markets.
Cardano reboot, Bitcoin factor?
The present price of Cardano resembles a growing drop, however it is more accurately defined as a healthy correction. Cardano proponents, such as Crypto Venture Capital Founder Dan Gambardello, have frequently argued that ADA is cheap and poised for future development.
Gambardello has shown how Cardano combines the security of the Bitcoin network with the decentralisation of Ethereum (ETH) to create a balanced blockchain network tailored to serve Web3 consumers.
Long-term, a Cardano reboot is on the horizon, and Bitcoin’s pre-halving spike is expected to play a significant part.
