It appears Cardano (ADA) is coming up short following last week’s bullish rounds.
Bitcoin broke the $5,000 mark following several months in the doldrums. The currency had fallen to the mid-$3,000 range in late November 2018, and hung there until early April, when it jumped by nearly $1,500 in just a few short days. Many believed the bear rally over and had high hopes for what bitcoin could do.
Cardano’s Bull Run: Short-Lived?
In addition, the currency saw itself joined by several of its crypto-cousins, such as Ethereum and Litecoin. Ether tokens were trading for well over $174 each, while Litecoin is alleged to have jumped by over 200 percent in a single week. The currency broke the $80 mark, then spiked to $87, $90 and finally $100 respectively. Between the currency’s latest partnerships and a little attention on Twitter from the likes of Mike Novogratz and Charlie Lee, Litecoin has undergone a few surges of its own.
Cardano, on the other hand, is a different story. While the currency may have experienced solid runs last week, Monday has brought about a small drop in the currency’s price. ADA is trading for just over eight cents, which means it’s down by approximately 10.25 percent, marking the biggest “one-day percentage loss” since late February.
This also pushes Cardano’s total market cap down to approximately $2.2 billion. At its highest, Cardano stood at over $23 billion. ADA also only accounts for roughly 1.22 percent of the globe’s total cryptocurrency.
Perhaps the currency will gain a little more traction given its recent announcement. Cardano is now fully integrating itself with the Ledger wallet. The Ledger Nano S – thought to be the company’s most popular wallet app – is now fully compatible with ADA, meaning that users can now keep their private keys protected and securely gain access to their ADA stashes.
Ledger Nano S is also integrating itself with the EMURGO-developed Yoroi wallet, which will serve as a “companion app” and support the Cardano Ledger hardware wallet.
Nicolas Arqueros – CTO of EMURGO – explained in a statement:
This is an event people have been looking forward to for the past year. I am especially trilled to see many teams come together and cooperate on ground-breaking news in the industry. It foreshadows many more exciting commercial developments we have in store for Cardano in 2019.
Ledger has sold nearly two million wallets since it first came to fruition. The Ledger Nano S is also the only certified hardware wallet in existence, having garnered CSPN certification.
Cardano Moving Up the Ladder
Eric Larcheveque – CEO of Ledger – comments:
Our integration with Cardano is something the Ledger community has been looking forward to for a long time. We are constantly working to respond to the needs of our customers, so we’re thrilled to officially welcome Cardano to the Ledger platform, offering ADA investors world class security for their crypto assets.
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