CRYPTO NEWS: CARDANO TVL FALLS TO AN 8 MONTHS DROP.

CARDANO TVL FALLS TO AN 8 MONTHS DROP, WITHOUT VASIL HARDFORK BENEFIT. SINCE REACHING A PEAK IN MARCH 2022, CARDANO’S TOTAL STAKED VOLUME HAS SIGNIFICANTLY DECREASED. IN THE LAST EIGHT MONTHS, THE PROOF-OF-STAKE BLOCKCHAIN HAS LOST MORE THAN 76% OF THE VALUE THAT WAS LOCKED. GIVEN THE RECENT VASIL HARDFORK IN THE DECENTRALISED CRYPTOCURRENCY PROJECT, THE DROP IS CONCERNING. 

OVERVIEW OF CARDANO TVL FALLS TO AN 8 MONTHS DROP:

CARDANO TVL FALLS TO AN 8 MONTHS DROP
CARDANO TVL FALLS TO AN 8 MONTHS DROP

THE CARDANO COMMUNITY WAS EAGERLY ANTICIPATING THE VASIL UPGRADE. THE HARDFORK WAS DESIGNED TO IMPROVE THE BLOCKCHAIN’S FUNCTIONALITY AND PUT IT ON PAR WITH OTHER LEADING DEFI PROJECTS. FOR OWNERS OF ADA, IT DOESN’T APPEAR THAT THE UPDATE HAS BEEN ABLE TO PROVIDE ANY BULLISHNESS.

RELATED LEARNING: LOSS OF STAKING VALUE FOR CARDANO AS PRICE STRUGGLES AT $20,000 WHY “ROSY” EARNINGS ESTIMATES COULD HURT BITCOIN DEFI LLAMA DATA SHOWS THAT SINCE ITS PEAK IN MARCH, CARDANO’S TOTAL VALUE LOCKED (TVL) HAS BEEN STEADILY DECLINING. FOR THE FIRST TIME SINCE JANUARY 2022, IT HAS NOW DROPPED BELOW $80 MILLION. 

MORE SPECIFICALLY, AS OF THE TIME OF THIS WRITING, CARDANO’S TVL WAS ESTIMATED TO BE $76.66 MILLION. THIS SUM REPRESENTS A 76.49% DROP FROM THE RECORD-BREAKING $326 MILLION IT REACHED ON MARCH 24, 2022. THE STAKING VALUE OF ADA HAS NOW REACHED THE LEVELS IT DID IN JANUARY 2022 AS A RESULT OF THIS NEW NUMBER. REGARDING THE TOTAL VALUE OF LOCKED TRANSACTIONS, CARDANO IS NOW RANKED 27TH AMONG ALL BLOCKCHAINS (TVL).

IT LAGS BEHIND BLOCKCHAINS LIKE TRON, AVALANCHE, POLYGON, ALGORAND, AND BITCOIN (BTC), AMONG OTHERS (TRX). WITH A CURRENT MARKET VALUE OF 32 BILLION DOLLARS, ETHEREUM (ETH) IS WELL AHEAD. IS CARDANO CAPABLE OF $1? THE MAJORITY OF CRYPTOCURRENCIES, INCLUDING ADA, HAD A BLEAK SEPTEMBER. BUT SIGNIFICANT IMPROVEMENTS AND SOLID TOKEN FUNDAMENTALS INDICATE THAT ADA COULD BE POISED FOR A BREAKTHROUGH IN OCTOBER. 

FOR THE MOST PART, THIS MONTH IS OPTIMISTIC FOR THE CRYPTOCURRENCY MARKETS. THE LIKELIHOOD THAT CARDANO WILL BE ABLE TO HIT $1 IN THE UPCOMING FOUR WEEKS, HOWEVER, APPEARS SLIM. THIS IS DUE TO THE FACT THAT IMPORTANT TECHNICAL INDICATORS LIKE THE RSI AND MACD, WHICH INDICATE A NEGATIVE TREND, ARE BELOW 50.

OTHER SECTORS SEE CARDANO’S IMPACT, ALTHOUGH CARDANO’S STAKING VALUE HAS CONSIDERABLY DECREASED, SOME PROMISING IMPROVEMENTS ARE GOING PLACE IN THE PROJECT’S SPACE. FOR INSTANCE, BANKS WHO REVEALED EXPOSURE TO THE CUTTING-EDGE ASSET CLASS CHOSE CARDANO AS ONE OF THE TOP TEN CRYPTOCURRENCIES. 

THE BASEL COMMITTEE ON BANKING SUPERVISION (BCBS) OF THE BANK OF INTERNATIONAL SETTLEMENTS ANNOUNCED THE FINDINGS (BIS). ADDITIONALLY, CARDANO HAS BEEN SUCCESSFUL IN THE SOCIAL MEDIA SECTOR. AS OF SEPTEMBER 23, THE DAILY MENTIONS OF ADA ON SOCIAL MEDIA HAD REACHED A 90-DAY HIGH OF 52,470.

ACCORDING TO FIGURES PROVIDED BY THE SOCIAL INTELLIGENCE SITE LUNARCRUSH, THIS RAISES THE TOTAL NUMBER OF MENTIONS TO 2.32 MILLION. READ RELATED ARTICLES HERE: CALM BEFORE THE STORM? VOLATILITY OF BITCOIN IS AT HISTORICALLY LOW LEVELS. FINALLY, A NUMBER OF BULLS WHO HAVE SHOWN FAITH IN THE PROJECT HAVE BACKED CARDANO. 

THE CARDANO PRICE WILL RISE BEFORE THE END OF OCTOBER, ACCORDING TO THE CRYPTOCURRENCY COMMUNITY AT COINMARKETCAP. MEMBERS PROJECTED THAT ADA WOULD TRADE AT $0.5873 AT THE END OF THE MONTH BASED ON A SURVEY. THIS WAS $0.4294 HIGHER AT THE TIME OF WRITING, A DIFFERENCE OF 36.77%.

SINCE REACHING A PEAK IN MARCH 2022, CARDANO’S TOTAL STAKED VOLUME HAS SIGNIFICANTLY DECREASED. IN THE LAST EIGHT MONTHS, THE PROOF-OF-STAKE BLOCKCHAIN HAS LOST MORE THAN 76% OF THE VALUE THAT WAS LOCKED. GIVEN THE RECENT VASIL HARDFORK IN THE DECENTRALISED CRYPTOCURRENCY PROJECT, THE DROP IS CONCERNING.

THE CARDANO COMMUNITY WAS EAGERLY ANTICIPATING THE VASIL UPGRADE. THE HARDFORK WAS DESIGNED TO IMPROVE THE BLOCKCHAIN’S FUNCTIONALITY AND PUT IT ON PAR WITH OTHER LEADING DEFI PROJECTS. FOR OWNERS OF ADA, IT DOESN’T APPEAR THAT THE UPDATE HAS BEEN ABLE TO PROVIDE ANY BULLISHNESS.

CARDANO STAKING VALUE DROPS:

DEFI LLAMA DATA SHOW THAT SINCE ITS PEAK IN MARCH, CARDANO’S TOTAL VALUE LOCKED (TVL) HAS BEEN STEADILY DECLINING. FOR THE FIRST TIME SINCE JANUARY 2022, IT HAS NOW DROPPED BELOW $80 MILLION.

AT THE MOMENT OF WRITING, CARDANO’S TVL WAS SAID TO BE $76.66 MILLION IN TOTAL. THIS SUM REPRESENTS A 76.49% DROP FROM THE RECORD-BREAKING $326 MILLION IT REACHED ON MARCH 24, 2022. THE STAKING VALUE OF ADA HAS NOW REACHED THE LEVELS IT DID IN JANUARY 2022 AS A RESULT OF THIS NEW NUMBER.

REGARDING THE TOTAL VALUE OF LOCKED TRANSACTIONS, CARDANO IS NOW RANKED 27TH AMONG ALL BLOCKCHAINS (TVL). BLOCKCHAINS LIKE BITCOIN (BTC), ALGORAND (ALGO), POLYGON (MATIC), AVALANCHE (AVAX), AND TRON ARE AHEAD OF IT (TRX). WITH A CURRENT MARKET VALUE OF 32 BILLION DOLLARS, ETHEREUM (ETH) IS WELL AHEAD.

THE PRICE OF ADA IS $0.4289 RIGHT NOW.

IS CARDANO CAPABLE OF $1?

THE MAJORITY OF CRYPTOCURRENCIES, INCLUDING ADA, HAD A BLEAK SEPTEMBER. BUT SIGNIFICANT IMPROVEMENTS AND SOLID TOKEN FUNDAMENTALS INDICATE THAT ADA COULD BE POISED FOR A BREAKTHROUGH IN OCTOBER. FOR THE MOST PART, THIS MONTH IS OPTIMISTIC FOR THE CRYPTOCURRENCY MARKETS.

THE LIKELIHOOD THAT CARDANO WILL BE ABLE TO HIT $1 IN THE UPCOMING FOUR WEEKS, HOWEVER, APPEARS SLIM. THIS IS DUE TO THE FACT THAT IMPORTANT TECHNICAL INDICATORS LIKE THE RSI AND MACD, WHICH INDICATE A NEGATIVE TREND, ARE BELOW 50.

CARDANO IS CREATING A STIR IN OTHER SECTORS:

ALTHOUGH CARDANO’S STAKING VALUE HAS CONSIDERABLY DECREASED, SOME PROMISING IMPROVEMENTS ARE GOING PLACE IN THE PROJECT’S SPACE. FOR INSTANCE, BANKS WHO REVEALED EXPOSURE TO THE CUTTING-EDGE ASSET CLASS CHOSE CARDANO AS ONE OF THE TOP TEN CRYPTOCURRENCIES. THE BASEL COMMITTEE ON BANKING SUPERVISION (BCBS) OF THE BANK OF INTERNATIONAL SETTLEMENTS ANNOUNCED THE FINDINGS (BIS).

ADDITIONALLY, CARDANO HAS BEEN SUCCESSFUL IN THE SOCIAL MEDIA SECTOR. AS OF SEPTEMBER 23, THE DAILY MENTIONS OF ADA ON SOCIAL MEDIA HAD REACHED A 90-DAY HIGH OF 52,470. ACCORDING TO FIGURES PROVIDED BY THE SOCIAL INTELLIGENCE SITE LUNARCRUSH, THIS RAISES THE TOTAL NUMBER OF MENTIONS TO 2.32 MILLION.

SEVERAL BULLS HAVE BACKED CARDANO AND VOICED THEIR FAITH IN THE PROJECT, WHICH IS A FINAL FACTOR. THE CARDANO PRICE WILL RISE BEFORE THE END OF OCTOBER, ACCORDING TO THE CRYPTOCURRENCY COMMUNITY AT COINMARKETCAP. MEMBERS PROJECTED THAT ADA WOULD TRADE AT $0.5873 AT THE END OF THE MONTH BASED ON A SURVEY. COMPARED TO ITS $0.4294 PRICING AT THE TIME OF WRITING, THIS WAS 36.77% MORE EXPENSIVE.

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CRYPTO NEWS: CARDANO TVL FALLS TO AN 8 MONTHS DROP.

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