ADA lost 50% of ATH, can it reverse next year?

ADA, the central native asset of the newest smart contract platform Cardano, hit $ 1.50 during a month-long freefall.

Source: TradingView

ADA has lost 50% since the beginning of September

On September 2, 2021, ADA price hit an all-time high of $ 3.1 before the smart contract functionality was activated. This major upgrade went live in mid-September when the Alonzo hard fork mainnet was activated.

However, the upgrade didn’t spark another uptick for ADA: the asset entered a multi-week “bear market”. On November 26, 2021, it reached its lowest level since the beginning of August.

The most obvious bearish catalyst in the medium term has been criticism of Cardano’s smart contract performance. The viability, speed and functionality of this system have been attacked by both Ethereum (ETH) and Bitcoin (BTC) maximalists.

In the short term, its poor performance was due to eToro, a mainstream derivatives trading platform, delisting ADA. The platform will prevent US clients from opening positions in ADA and TRX starting December 26, 2021 Bitcoin magazine reported.

Another rally in 2022?

Cardano’s creator, Charles Hoskinson, cited the lack of a global regulatory standard in the cryptocurrency and blockchain space as the reason for choosing eToro.

Hoskinson is confident that 2022 will be a glorious year for the Cardano ecosystem. He spoke of the roadmap for the coming year and called it a “burning ecosystem”.

He called Cardano’s technology “rare and hard to find,” claiming it could power “thousands” of products thanks to “so many amazing innovations.”

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Annie

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