A quick 3min read about today’s crypto news!
Cardano (ADA) has struggled to keep pace with its major crypto rivals like Bitcoin (BTC) and Solana (SOL) so far this year.
While these two cryptocurrencies are up a respective more than 70% and 110% each, Cardano (ADA) is up a more modest 50%.
Some have nonetheless been predicting that the cryptocurrency, last trading around $0.38 per token as per CoinGecko, has entered a new bull market, thanks to it breaking its 2021/2022 downtrend earlier this year and “confirming” that breakout when it successfully bounced from a retest of this downtrend.
But others are concerned that “weak” Cardano network fundamentals may hamper the prospect of a bull market.
Despite currently ranking as the 7th largest cryptocurrency by market capitalization, as per CoinGecko, many Cardano bears and critics think that the cryptocurrency is massively overvalued versus its fundamentals.
Bears often point to Cardano’s still very low trade value locked (TVL) within its Decentralized Finance (DeFi) ecosystem and refer to its as a “ghost chain” given its low daily transaction count.
Cardano’s TVL was last around $182 million, orders of magnitude below the TVL on its proof-of-stake layer-1 blockchain rivals like Ethereum and Solana.
Meanwhile, daily transactions taking place on the Cardano blockchain were last around 61,000, also way below rival blockchains.
Cardano’s bloated market value appears to be based upon expectations for ecosystem growth that are yet to really materialize, the critics argue.
As Cardano fails to keep up with competitors, it could slowly begin falling into relative irrelevance and that could create big bearish headwinds for the ADA price.
That could send ADA as low as $0.05, some have warned.
Of course, these price predictions are extreme.
More likely than not, even if Cardano’s DeFi ecosystem continues to struggle to keep pace with the growth of rival DeFi ecosystems, as long as the broader crypto market remains in a bull market, the ADA price should be able to at least squeeze out modest long-term gains.
Cardano bulls, meanwhile, can take heart from strong lead indicators that explosive ecosystem growth is on the way – Cardano remains one of the most developed blockchains and the creep higher in its TVL this year could be start of a bigger push towards DeFi relevance.
Investors should always be on the lookout to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
One such project that the team has identified as having a very strong potential is Ecoterra.
🌱🔥 Ready to join the ecoterra revolution?
Our #Presale is happening NOW! 💰📈
Don't miss your chance to be part of the solution. 🌍💻https://t.co/1fYkPOsPYG#Binance #Coinbase #HODL #Bitcoin #Ethereum #Crypto #Blockchain #Altcoins #DeFi #NFTs pic.twitter.com/jZ5tyNbcWC
Ecoterra is the native cryptocurrency of a blockchain-run green ecosystem that incentivizes environmentally friendly behavior.
Ecoterra’s ecosystem consists of a Recycle to Earn (R2E) platform, a carbon offset marketplace, a marketplace for recycled materials and an impact profile.
The green web3 start-up’s R2E app is supported in any country that uses Reverse Vending Machines (RVMs), meaning a huge potential market.
Ecoterra is in the fourth stage of its ECOTERRA token presale, with tokens currently priced at just $0.007.
The project just passed the massive milestone of having raised over $2.8 million.
🚨ANNOUNCEMENT: A new milestone has been accomplished!!
⭐️$2,8 MILLION RAISED⭐️
🚀We are selling out fast! Buy now before the price increases!
Join ecoterra's presale here ⬇️https://t.co/1fYkPOsPYG pic.twitter.com/2O8HZUTX0P
Potential investors should note that the presale price will soon rise to $0.00775 and that the token will list on exchanges at $0.01 – a more than 40% jump from current levels.
Visit Ecoterra Here
A quick 3min read about today’s crypto news!