It is undeniable that crypto market is one of the
It is undeniable that crypto market is one of the most volatile, yet lucrative trading markets in the world, holding a combined market cap in excess of $123 Billion USD.
The obvious names which come to our mind are Bitcoin, Ripple and Ethereum, which hold the 1st, 2nd and 3rd ranks respectively in terms of market capitalization.
Currently, there is an excess of 1600 digital currencies doing rounds in financial markets. Dogecoin and Cardano have caught the spotlight with their market performance.
Both Dogecoin and Cardano have experienced massive highs which helped many investors in making a small fortune out of them.
So which one should you invest in? Let’s find out!
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Current Market Scenario Dogecoin and Cardano
Dogecoin (DOGE) and Cardano (ADA) were the most talked about tokens earlier, with all of them reaching their peak amid the excessive highs experienced during early January.
However, the values of the two have been steady for quite a long time. Below we will discuss the reasons that led to their massive downfall.
Dogecoin
Currently ranked at 23rd on CoinMarketCap, Dogecoin has experienced turbulent price highs and lows in recent times.
This came after a strong market presence in January 2018, when it was valued at $0.017664. Currently, it sits at $0.002166, which is reflective of the decline that the coin experienced.
Many have guessed the reasons for this downfall, and have pointed out the outward cash flows amid the festive season.
If reports are to be believed, the withdrawal of a large number of investors from the Doge market is directly responsible for the price plunge.
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Cardano
Cardano is currently ranked 11th in terms of market capitalization, holding a total market cap of $1,135,131,348, with a total supply of 25,927,070,538 ADA tokens, according to CoinMarketCap.
While this may look impressive to any novice trader, Cardano’s value has dropped considerably from the highs, which achieved an all-time high of $1.17 on January 7th.
Since then, it has dropped dramatically to a measly $0.043782 at the moment. Similar to that of always negative investor sentiment played a key role in suppressing Cardano’s price.
Investor confidence started to fall on the Cardano project, since it succumbed to various pump tactics by investors.
Another significant factor that hampered Cardano’s price growth was the recent investigation conducted by South Korean Markets, that affected the overall Crypto market indirectly.
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Final Thoughts
From the surface, the above mentioned coins, Dogecoin and Cardano, are experiencing probably their worst performance in recent years and certainly don’t look good to any investor at the moment.
However, the crypto market has been prone to such volatility and price movements before, so it wouldn’t be a surprise to see their values recover to a respectable position.
Since it stands, the total scope of blockchain technology is not yet fully realized, and a lot of investors are starting to flock these markets.
In this way, both the coins are expected to make some degree of recovery in the coming months.
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