Cardano Continued Its Developments Despite Tough Market Conditions By CoinEdition

Cardano continued its development despite the harsh market conditions
  • Launched a new Midnight Project.
  • The new development of the ecosystem is already reflected in the market sentiment.
  • ADA is currently trading at $0.3291 after a 1.24% price increase.

Despite the harsh conditions in the cryptocurrency market over the past few weeks, the team at Cardano has continued to build and develop. One of these developments is the launch of a new product called Midnight. This is a data protection based blockchain that will protect sensitive business and personal information.

This new development in the Cardano ecosystem could have a very positive impact on the perception of the project, and it seems that this is already becoming a reality. According to LunarCruch, social mentions of Cardano increased by 18% in one week in USD terms.

ADA-weighted sentiment (Source: Santiment)

In addition, Cardano weighted sentiment also saw an increase. Data from market intelligence firm Santiment suggests that the weighted sentiment towards Cardano is very positive at the moment. This may be partly due to the fact that Cardano has had very little exposure to FTX.

Cardano’s NFT volume also looks good with NFTs in circulation increasing by 57.98% over the past 30 days. Sales of NFTs have also seen an increase of around 37%. Blue chip NFTs on the Cardano network also performed well.

On the other hand, there may still be some tough times ahead for Cardano. Santiment data also indicates that the daily active addresses on the Cradano network have dropped significantly over the past week. His speed also recorded a decrease.

Cardano’s volatility (ADA) has grown by 188% over the past month as well, which means that people may consider investing in altcoin to be very risky.

Cardano/TetherUS 1D Source: CoinMarketCap

According to CoinMarketCap, ADA is currently trading at $0.3291 after a 1.24% price increase over the past 24 hours.

Disclaimer: Opinions and opinions, as well as all information shared in this price analysis, are published in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.

Cardano’s subsequent developments despite harsh market conditions made their first coin issuance.

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