Cardano may have lost its investors’ confidence over time. But it did not lose its popularity thanks to its immense potential and roadmap for development.
Combined with the efforts of the Cardano development team, the blockchain is gaining an audience in the space it intends to dominate.
Cardano goes upwards
According to a recent report from CryptoCompare, Cardano’s developer activity has been moving upward for almost six months now.
The Github commits on the blockchain have also increased from 5400 to 6200 in this timespan.
But the opposite of this growth has been noted on the investors’ front. Starting November 2021, the monthly fees registered on Cardano have been declining. At the time of writing, it stood 75.4% lower than its previous level.
Eight months ago, the network was generating $1.62 million in said fees. However, last month, despite a 16% uptick, the total fees generated amounted to just $0.43 million.
This highlights the decreased usage at the hands of the investors. Well, this decline was bound to take place since ADA as an asset has been on a disappointing streak.
Trading at $0.455, at press time, ADA was 85.57% down from its all-time high. Thus, failing to gain support from the market.
Cardano had already lost the support of the 200-day Simple Moving Average (SMA) months ago. Now, over the course of the last two months, it even lost the 100-day SMA and the 50-day SMA.
Moreover, Cardano would need investors’ faith to sail through the bearish headwinds. But investors haven’t been content with ADA’s performance for quite sometime now.
This is because, of all the major cryptocurrencies, ADA has been the worst-performing asset in the last 12 months. The Return on Investment (ROI) for Bitcoin, Ethereum, and XRP is in the negative at 38%, 44%, and 48%.
Cardano, on the other hand, sits at -65.4%, making it evident why it isn’t faring as well as others.
With the Vasil hard fork scheduled to go live on the mainnet sometime later this month, Cardano still does have the opportunity to take back what is lost, provided Vasil actually brings a change.
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