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Cardano: Is Now the Right Time to Buy?

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Time To Buy Cardano ADA
11
Apr
  • The global crypto space is generally in a slump.
  • Cardano is not performing too well at the moment.
  • However, the situation may not remain bleak for long.

Recently, there appears to be mixed feelings and responses in the crypto space, especially toward Cardano. However, even though there are several news stories that tend to disillusion investors, there is some good news too. One such good news is that Bitcoin may soon be accepted by McDonald’s, Walmart, Home Depot, and other major Fortune 500 companies.

Also, Jack Maller, CEO of Strike, declared that they’ve officially partnered with Shopify. This means that, now, any website that uses Shopify online card transactions can process payments using Bitcoin’s Lightning Network.

Another positive happening in the crypto world was Luna Foundation purchasing $100 million in AVAX tokens for their reserves. This is the first coin they’ve bought outside of Bitcoin.

That’s not all. Yet another interesting news feature Cardano — Solana and Cardano is reported to soon have futures contracts available on the Chicago Mercantile Exchange.

The problem with Cardano right now is that most Cardano investors are in a bad situation. Reports say that nearly 66% of current Cardano investors are losing money. And only 25% of Cardano investors are actually making any profit. However, it’s not just Cardano. Even Bitcoin and Ether have fallen quite a bit from their all-time highs.

Notably, many of the investors today are those that bought coins at the peak of crypto performance in 2021. And since then, there hasn’t been considerable progress.

However, a closer look reveals that Cardano has grown in the last year contrary to popular belief. Cardano’s total value locked (TVL) has continued to grow. And, the number of wallets on Cardano’s network has multiplied. Moreover, the number of NFTs on Cardano has considerably advanced.

Therefore, even though the current scenario may look gloomy for Cardano, the future is expected to be bright.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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