While the other leading tokens continue to struggle for the third day in a row, Cardano has reported a double-figure jump in price. According to the investing.com index, Cardano prices were up by 10.43% on Thursday. The gain represented the highest single-day upsurge in price since May 30.
With the uptick in the price, Cardano now has a market cap of $43.477460B. With all major cryptocurrencies suffering as China ups its clamping down on Bitcoin and other cryptocurrencies, Cardano has lost over 9% of its value over the past week.
Other cryptocurrencies reported very minuscule or rather negligible signs of recovery. While Bitcoin was little for a 1% increase, Ethereum prices continue to drop. At press time, Bitcoin is rallying around the $34,000 mark while Ethereum is about 2 dollars shy of the $2000 mark.
Cardano has shown resilience to the market’s ups and downs. Many investors believe in the power of Cardano’s underlying technical architecture that puts it at the forefront of the race against other tokens that are positioning themselves as Ethereum alternatives. However, one of the biggest concerns with Cardano is that the project is slow in making updates and that leads to a delayed launch of the Cardano smart contract’s practical utility.
But for the ability of the Cardano blockchain to be more efficient than Ethereum in terms of transaction processing, it still has a loyal following. With speedy updates, Cardano can see more success and could open doors to wider adoption of the blockchain technology itself.
