Over the past two months, altcoin has fallen in price by more than 40%. Benjamin Cowen Explained In Which Case Cryptocurrency Can Get Out Of A Downward Movement
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Cryptanalyst Benjamin Cowen argues that Cardano continues to be in a downtrend. The trader explained that at the moment there are no factors that could help the cryptocurrency get out of the downtrend and return to growth. According to Cowan, only the deployment of smart contracts on the altcoin network and the emergence of promising projects on the platform will be able to provoke the impulse growth of Cardano.
In early September, Cardano set a new all-time high at $ 3. Altcoin has skyrocketed in price ahead of the release of the Alonzo update, which added support for smart contracts to the Cardano blockchain. The update was activated on the cryptocurrency network on September 13th.
In the period from late July to early September, Cardano has risen in price by 192%, the asset took the third place in the list of the largest cryptocurrencies in terms of capitalization. Over the past two months, the price of Cardano has dropped more than 40%. Altcoin capitalization fell to $ 58.8 billion. On November 22, the token ranks sixth in the list of the largest cryptocurrencies in terms of capitalization.