Despite the impressive developments within the Cardano ecosystem, the price of ADA has remained low. While there have been some fantastic fundamental advances on the Cardano blockchain, the persistent price decline can be attributed to these economics and the gloomy sentiment in the broader cryptocurrency market.
As most cryptocurrencies are currently experiencing a downturn, ADA was no exception. Nonetheless, the crypto community remains optimistic about its future price performance.
The average price prediction for Cardano by members of the crypto analytics platform CoinMarketCap is $0.3951 as of May 31, 2023, based on 1,112 cumulative votes. This indicates a potential upside of 9.36% from the current price of the seventh digital asset by market capitalization.
Cardano’s price has been trending down since May 6, dropping 3% to $0.3499 in the past 24 hours. Over the past week, ADA has declined over 6% after hitting a high of $0.39. The next point of resistance currently sits at $0.40, while support is set at $0.312 based on the current trend. At the time of writing, the token is trading at $0.34.
The Cardano ecosystem is growing
AnetaBTC has announced that its Wrapped Bitcoin (cBTC) on the Cardano blockchain has new capabilities, marking a new era in the Cardano ecosystem. AnetaBTC provides a decentralized and secure protocol that allows users to unlock the value of their Bitcoin on Ergo and Cardano.
cBTC can now be used for daily transactions, traded on decentralized exchanges, and secured lending.
Wrapped Bitcoin launched on the Cardano testnet in April and has a 1:1 representation of Bitcoin on the Cardano blockchain, allowing users to create tokens and use them for trading or providing liquidity on the Cardano network. AnetaBTC aims to attract Bitcoin holders to Cardano and contribute to the DeFi explosion on the web.