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Since the launch of the smart contracts feature…the price of the digital currency Cardano has fallen to minimum levels

Since the launch of the smart contracts feature…the price of the digital currency Cardano has fallen to minimum levels

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Answer Since the launch of the smart contracts feature…the price of the digital currency Cardano has fallen to minimum levels

While Ethereum and Bitcoin have touched all-time highs in the past two months, Caradino hasn’t seen any new highs since September 2021.

The launch of smart contracts does not seem to put much of a boost to the currency’s rise, on the contrary, the market value of Cardano continues to decline.

Cardano slow period:

On September 2, 2021, the ADA price peaked at more than $3, and the coin’s market capitalization exceeded nearly $100 billion.

This was followed by a sharp drop on September 7, along with the rest of the cryptocurrency market, when El Salvador’s Bitcoin Law came into effect.

Read:Tether is trying to be more transparent…but some questions remain!

Less than a week later, the team behind Cardano confirmed the publication of Alonso’s upgrade.

This resulted in smart contract compatibility with the network, using the Plutos framework.

ADA price saw a brief rise to $2.71 in the aftermath, but fell back below $2.50 the next day.

Things have been relatively bearish for Cardano ever since.

The coin failed to pump and keep pace with bitcoin in October and has steadily fallen to its lowest price point in 90 days.

Its market capitalization has now stabilized to less than $50 billion, and it has lost its place as the top 5 cryptocurrency.

Cardano and the Ethereum competition:

Although developer Roman Bellerin disagreed with the comparison, Cardano and Ethereum were often considered competitors by the crypto community earlier this year.

Bellerin sees Cardano as a blockchain project that will be on par with Ethereum, once smart contracts are integrated, and has a much lower carbon footprint than Bitcoin or Ethereum.

For this reason, Cardano founder Charles Hoskinson has argued that Tesla should accept ADA for payment.

In May, Musk announced that his company would stop accepting bitcoin payments due to the environmental damage to bitcoin caused by mining.

Read:One of the oldest Thai banks asks the crypto community to wait for a big Ripple announcement

As a grading series, Cardano does not require strong power consumption.

But while Cardano was waiting for smart contracts, another competitor, Solana, saw equivalent growth throughout the year.

Its proof-of-date consensus model has attracted tremendous interest from investors as Solana allows for a large amount of transactions per second and low energy consumption and is now the fifth cryptocurrency by total market capitalization.

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