Highlights:
- Cardano’s price falls out of the tight consolidation range, the latest dip would be an opportunity to acquire more ADA.
- Cardano ecosystem has managed to claim the second position in capturing new fundings.
The entire crypto market cap has seen bleeding with an erratic move since the start of the week. The majority of the projects across the space have seen a sharp price erosion plunging the total market cap to $2.62 trillion with a 9% dump in 24 hours. However, proponents and enthusiasts remain optimistic about the future potential of crypto coins.
US inflation in the last week appears to have acted as a catalyst for the crypto space. The reports from Coinshare confirm the same in their new weekly report. Bitcoin gains traction of massive institutional interest with a lock of record sum of around $97 million over the past week. Impressively, Cardano held the second position after the flagship asset with a $16.4 million inflow of funds.
Cardano Tops the List Of Most Active Chains!
The rise in the developments across the Cardano ecosystem blazing the trail for the upcoming price action. With 18.24 billion in transaction volume, ADA flips Ethereum claiming the second position among the most active chains on Monday. Whereas, Bitcoin records 21.67 billion in transaction volume holding the first position.
Notably, Ethereum has been one of the top performers with robust smart-contract functionality. The Cardano network activity could justify its self-claimed tag of “Ethereum killer” if it continues to dominate against ETH in the coming days.
Meanwhile, Cardano co-founder Charles Hoskinson shares his excitement post the latest achievement. And he is very optimistic about the future price action. In addition one of the ADA proponents is seen as extremely bullish on the asset and proclaimed the latest dip as the last chance to buy the dip.
Cardano price appears to have come out of the range-bound stage with the recent dip. Though the price surfaces a correction around the $1.90 price range, the breakdown would plunge the price by another 15 to 20%.
On the contrary, if the ecosystem manages to drag the traction of massive institutional investments in the next couple of weeks, it would claim a new ATH of around $3.80.
