After failing to move in line with the broader crypto market, Cardano has now dropped from 3rd place on the list of top ten cryptocurrencies. While bitcoin and other altcoins rose in value, the price of ADA stayed relatively flat.
Despite the excitement generated by the unveiling of smart contracts capability last month, interest in the asset has waned.
With a price increase above $3, it has surpassed Binance’s native token BNB to grab the third place. However, ADA has lost ground to BNB and now sits in 4th place, with a market worth of $9 billion less than ADA.
? Cardano May Still Suffer Losses in Future As It Lost 3rd Place
There hasn’t been any significant market-moving news regarding the Cardano project. According to reports, the project is looking to invest in early-stage Cardano-focused firms. Nothing, on the other hand, has sparked interest in the project.
The blockchain currently supports smart contracts. However, establishing the protocols needed to provide consumers with decentralized finance services. These has taken years to build, which has delayed its entry into the DeFi industry.
Decentralized apps (DApps) have been hard at work on the network thanks to the Cardano Foundation’s support, but before there are enough operational DeFi protocols on the blockchain to entice consumers to engage in DeFi activities, it will take some time for developers to finish their projects.
?️ Founder of Cardano Starts His World Tour in Africa
Last week, Bitcoinist revealed that Charles Hoskinson, the founder of Cardano, was planning a trip to Africa. According to Hoskinson, the tour kicked off on October 15 in South Africa when he tweeted a picture of himself sitting on a board there.
Hoskinson intends to visit numerous blockchain-based firms across the continent with the help of the Cardano Foundation. They’ll assist fund and educate this project as needed and steer it through the Cardano Network’s publication process.
The digital asset didn’t need this kind of news because ADA’s price didn’t move significantly higher despite the start of the round. The price is still hovering around $2.1, so there isn’t much of an upward trend.