Cardano (ADA) Seen Weakening After Outperforming Bitcoin, Ethereum, Dogecoin In Past Week
Cardano (CRYPTO: ADA) traded 10.8% lower at $0.5982 over 24 hours at the time of writing. The price is seeing weakness on Wednesday after the coin significantly outshone major cryptocurrencies like Bitcoin, Ethereum and Dogecoin (CRYPTO: DOGE) over the past week.
| Time-frame | % Change (+/-) |
|---|---|
| 24-hour | -10.8% |
| 24-hour against Bitcoin (CRYPTO: BTC) | -7.5% |
| 24-hour against Ethereum (CRYPTO: ETH) | -5.3% |
| 7-day | 14.98% |
| 30-day | -24% |
|
YTD-performance |
-56.4% |
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The Cardano Factors
- Cardano was among the most mentioned coins on Twitter, according to Cointrendz data. The three most mentioned coins at press time were Bitcoin, Ethereum, and Solana.
- The 24-hour trading volume for ADA rose 42% to $2.6 billion, according to CoinMarketCap data.
- Coinglass figures indicate that $6.38 million worth of ADA were liquidated as the value of the Charles Hoskinson-created cryptocurrency rose.
ETH-ADA Token Bridge
Norway-based cloud computing platform Iagon announced the launch of its Ethereum-Cardano bridge last week. The beta version of the bridge is live. The bridge is powered by Cardano sidechain protocol Milkomedia and the cross-chain messaging protocol Nomad. ADA has shot up nearly 15% over a seven-day period.
Iagon Ethereum-Cardano #TokenBridge is launched
We believe that our solution powered by @Milkomeda_com & @nomadxyz_ contributes @Cardano development & growth
Time to try it - https://t.co/y96PfMPbTk#buildingoncardano #CardanoCommunity pic.twitter.com/monHzOOVU4
— Iagon (@IagonOfficial) May 25, 2022
Iagon announced a UI bug bounty for the bridge on Monday, which will continue until July 15. Rewards up to $1,000 will be paid in Cardano. Rewards vary on the severity of bugs discovered.
Cardano On The Web
Hoskinson said in a recent interview that the collapse of Terra Classic (LUNC) and TerraClassicUSD (USTC) should be seen as an endorsement of the go-slow approach taken by Cardano.
“If you move too quickly, as we’ve seen with Luna, and we’ve seen with $10.5 billion of hacks last year, you could actually get it to work until it doesn't, and then when it doesn’t it’s a catastrophic failure and everybody loses their money,” said Hoskinson, reported CoinDesk.
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