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REGULATION
by
4 months ago

Cardano and Polkadot lose ground. Whereas, Ethereum, Solana, BNB lead the current layer-1 bull run

2024-10-19

REGULATION
by
4 months ago


Cardano (ADA), once a prominent player in the layer-1 blockchain space, is struggling to keep pace with the current market leaders in layer-1 category, according to the latest analysis from an X user called Negentropic.

 


Cardano (ADA), which was once positioned as a top contender alongside Ethereum (ETH), is seeing diminished momentum, while Solana (SOL) has surged ahead, overtaking Ethereum in leading the ongoing bull run. Binance Coin (BNB) is also maintaining a strong position alongside ETH and SOL.

 

However, the network’s performance has lagged, with ADA failing to regain the glory it once held as a top-10 asset with enormous potential. As of October 19, 2024, Cardano's market cap stands at $12.28 billion, ranking it as the 11th most valuable cryptocurrency.

 

The project’s creator, Charles Hoskinson, has distanced himself from the development, further dampening investor confidence. Analyst have noted that ADA’s lack of momentum, combined with its technical indicators, such as the 50-day EMA sitting at $0.34 and acting as resistance, signals a possible extended downturn.

 

On the other hand, Solana has become the new leader in bull runs, with Ethereum and Binance Coin continuing to draw significant attention. Polkadot (DOT) and Cardano, once viewed as key competitors in the space, have struggled to build momentum, and expectations are that these trends will persist. Polkadot is currently ranking 16th largest crypto by market cap.

 

As investor interest dissapear and trading volume declines, analysts predict that ADA may continue to face challenges in the increasingly competitive layer-1 market, unless new developments or significant buying interest emerge.

 

 

 

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