Cardano (ADA) Seen Weakening After Outperforming Bitcoin, Ethereum, Dogecoin In Past Week

Cardano (ADA) Seen Weakening After Outperforming Bitcoin, Ethereum, Dogecoin In Past Week

Cardano ADA/USD traded 10.8% lower at $0.5982 over 24 hours at the time of writing. The price is seeing weakness on Wednesday after the coin significantly outshone major cryptocurrencies like Bitcoin, Ethereum and Dogecoin DOGE/USD over the past week.

Cardano (ADA) Price Performance
Time-frame % Change (+/-)
24-hour -10.8%
24-hour against Bitcoin BTC/USD -7.5%
24-hour against Ethereum ETH/USD -5.3%
7-day 14.98%
30-day -24%

YTD-performance

-56.4%

See Also: Best USDC Interest Rates

The Cardano Factors

  • Cardano was among the most mentioned coins on Twitter, according to Cointrendz data. The three most mentioned coins at press time were Bitcoin, Ethereum, and Solana.
  • The 24-hour trading volume for ADA rose 42% to $2.6 billion, according to CoinMarketCap data.
  • Coinglass figures indicate that $6.38 million worth of ADA were liquidated as the value of the Charles Hoskinson-created cryptocurrency rose.

ETH-ADA Token Bridge

Norway-based cloud computing platform Iagon announced the launch of its Ethereum-Cardano bridge last week. The beta version of the bridge is live. The bridge is powered by Cardano sidechain protocol Milkomedia and the cross-chain messaging protocol Nomad. ADA has shot up nearly 15% over a seven-day period. 

Iagon announced a UI bug bounty for the bridge on Monday, which will continue until July 15. Rewards up to $1,000 will be paid in Cardano. Rewards vary on the severity of bugs discovered.

Cardano On The Web

Hoskinson said in a recent interview that the collapse of Terra Classic (LUNC) and TerraClassicUSD (USTC) should be seen as an endorsement of the go-slow approach taken by Cardano.

“If you move too quickly, as we’ve seen with Luna, and we’ve seen with $10.5 billion of hacks last year, you could actually get it to work until it doesn't, and then when it doesn’t it’s a catastrophic failure and everybody loses their money,” said Hoskinson, reported CoinDesk.

Read Next: Dogecoin Co-Creator Says 'Delusional' Elon Musk Wants To 'Destroy' Twitter

Posted In: ADABitcoincardanoCharles Hoskinsonwhy it's movingCryptocurrencyNewsMarketsMoversTrading Ideas

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.