Since The Launch Of Smart Contracts, The Cardano (ADA) Rate Has Only Been Declining
Over the past two months, ETH and BTC rates have updated their highs, but ADA has not seen new peaks since September. The appearance of smart contract functionality did not help the ADA rate to support growth and the capitalization of the asset continued to fall
On September 2, the ADA exchange rate broke the $3 mark, and the market capitalization reached $ 100 billion. On September 7, there was a sudden decline in sync with the entire market.
A few days later, the project team announced the implementation of the Alonzo update, which added support for smart contracts. After that, the ADA rate skyrocketed to $2.71, but the next day it dropped by almost 10%.
Since then, the situation around ADA has been bearish. In October, the ADA rate failed to go up along with BTC and continued to decline to the lowest rate in 90 days. Now the market capitalization of the asset is just over $ 50 billion and it has lost its position in the top 5.
At the beginning of the year, the cryptocurrency community often contrasted Cardano and Ethereum. At the same time, it was mentioned that Cardano has a much smaller carbon footprint than its famous competitors. Because of this, Cardano founder Charles Hoskinson stated that Tesla should accept ADA as a payment option.
However, while everyone in the Cardano network was waiting for the launch of smart contracts, its competitor Solana showed rapid growth. The proof-of-history consensus model has aroused great interest among investors. It provides high transaction speed and low power consumption, which allowed the asset to break into the top 5 assets by market capitalization.