RATE Group | Cardano (ADA) price drops to yearly low; here are the two main factors behind the declin…
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Cardano (ADA) price drops to yearly low; here are the two main factors behind the declin…

23 Dec Cardano (ADA) price drops to yearly low; here are the two main factors behind the declin…

Posted at 02:16h in Cryptocurrency News by

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CryptoSlate Edge

Despite seeing a consistent increase in developer activity and progress with its roadmap, Cardano (ADA) slipped to levels unseen since the Bitcoin price dropped to the $3,000s in December 2018.

During the second week of December last year, the price of ADA was hovering at around $0.031 on major cryptocurrency exchanges like Kraken. At the time, the Bitcoin price dropped to as low as $3,121 on BitMEX and other widely utilized trading platforms.

This week, the price of ADA reached a low $0.03, hitting the lowest point in over a year.

#1: Weakness of the altcoin market

Throughout the year, the alternative cryptocurrency (altcoin) market has struggled to maintain any momentum in regard to price. While the Bitcoin price is on track to end 2019 with a two-fold increase since January, most alternative cryptocurrencies are a net negative for the year.

XRP, Ethereum, and ADA have all recorded a decline in price year-to-date. ADA, in particular, dropping more than 25 percent since January 1…

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