Experts predicted that the market will be quite stable and won’t bring any surprises on the weekend.
Bitcoin managed to climb up a little bit during the day and peaked at $17,199 showing that the new 17K support level is established and accepted by the market. Ethereum gained 1.2% compared to yesterday without any changes to the overall dynamic.
The only notable growth among major coins was ADA receiving a 1.3% bump and currently trading at $0.312 against the dip to $0.305 on December 8. The top price on Sunday was $0.314.
ADA is not a good indicator, yet it should be taken seriously
The vast majority of experts working in the crypto field do not have high hopes for ADA in the immediate future. Skeptics also say that the long-term prospect is not that bright either.
Big announcements about the first quarter of 2023 may be indeed revitalizing, but not to the degree that Cardano investors seek.
Enthusiasts are quite intrigued by the upcoming March upgrade and the inclusion of ADA and adjacent tokens to the list of cryptocurrencies supported by Stax by default. However, the march is still three months away and Ledger Stax is in development. We do not have any solid foundations for growth.
The price of ADA is not manipulated in any way. Marginal changes in the price and low amplitude of swings indicate that investors are quite sure that the current price is justified.
Deviations are comparatively small. 1.3% growth is in line with what the rest of the market was experiencing on Sunday.
ADA does not affect major coins on its own, but its trajectory is often indicative of the general mood of hardcore enthusiasts.
Cardano may start the recovery cycle for crypto
This network is in a peculiar place. ADA symbolizes the efforts of tech-savvy community members and investors to bring something innovative to the industry.
However, they were quite late to the party. If people with money will be willing to invest in a subpar (so far) alternative to Ethereum, the market will start looking promising.