ADA, the main asset of the newest smart contract platform Cardano, has fallen sharply to hit $1.5 in months. And this is the real cause of the price drop.
ADA has fallen 50% since early September.
On September 2, 2021, the ADA price hit an all-time high of $3.10 prior to the activation of the smart contract functionality. The major upgrade comes as Alonzo’s mainnet network goes through a hard-fork in mid-September.
meanwhile The upgrade appears to have failed to reinvigorate the ADA price trend, pushing it into a weeks-long “bear market.” On Nov. 26, 2021, the price hit its lowest level since date. Aug 9
According to U.Today, the main reason for the price drop was due to criticism of Cardano’s smart contract from Bitcoin and Ethereum fans, primarily for its speed and usability.
In terms of short-term bear market catalysts The most obvious is the withdrawal of ADA tokens from eToro, a futures trading platform. eToro has restricted US clients from opening positions on ADA and Tron’s Tronics (TRX) as of December 26, 2021.
Will we see another ADA surge next year?
Cardano founder Charles Hoskinson has condemned eToro’s decision, saying that eToro’s decision lacks international standards in crypto and blockchain.
Hoskinson was previously confident that 2022 will be a great year for his ecosystem. When it comes to plans for the next year he called it “Real life ecosystem”
He called Cardano’s technology incredible. and said it can be used to create thousands of products and innovations.