year 2022 cryptocurrency It’s been pretty rough for the markets. The cryptocurrency market has shrunk 65% since the beginning of the year. While industry giants such as Bitcoin and Ethereum suffered similar losses, altcoin projects were worsened by the bear market.
One of Ethereum’s biggest competitors in the smart contract space Cardano (ADA) It has lost 78% of its value since the beginning of the year. However, according to the data, developers continue to produce new projects on the network regardless of the market value of the ADA token.
following the ADA network Cardano Blockchain Insights According to data, the number of smart contracts on the network has increased by 300%. at the beginning of 2022 Plutus While the number of contracts on the platform was only 947, this figure has reached 3,791 until today.
The ADA Ecosystem Continues to Grow
The architects of the Cardano project continue to work regardless of market conditions. One of the important updates for ADA Vasil Hardfork It was launched last September. The Vasil upgrade greatly contributed to the scalability of the ADA network.
The Cardano team is currently focusing on developing the core technology of the project. Cardano Foundation recently announced its plans for 2023 on its Youtube channel.
Developments Are Not Reflected On ADA Price
The hard work of the team and the fact that the developers prefer Cardano to develop projects are unfortunately not reflected in the price of ADA. ISLANDSince August 2021, it has been losing value continuously.
According to the long-term weekly chart, the loss of the $0.39 level, which served as an important resistance in 2018 and 2021 and a support in 2022, is a data that ADA investors should not ignore.
$ADAIt is currently trading at $0.316.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!