Cardano (ADA) drops below one dollar for the first time since February 2021

Charlie Taylor

This Saturday (19) Cardano (ADA) recorded a negative record: for the first time the token was worth less than a dollar after reaching the mark in February 2021. At the time of writing this report, the cryptocurrency was sold at US$ 0.994479, down 1.4%, according to CoinGecko data. The one dollar per token milestone was first reached on February 20, 2021. Since then, Cardano has had its “all time high” (highest price in history) on September 2, 2021, reaching US$. 2.96. Waves of highs and lows came, as for the entire market, but Cardano never got to retreat to the symbolic mark of less than a dollar – until this Saturday. Chart records the last year of Cardano oscillations According to Coinmarketcap’s historical data record, the date of February 19, 2021 was the last date on which the token closed the day at less than a dollar: its price at that time was $0 .9276. On February 20, 2021 Cardano closed at $1.12 and spent a long time without looking back. The token’s jump was one of the most astounding ever seen: on February 5th it was worth $0.4. Two weeks later Cardano more than doubled in value, hit the dollar-per-token target and continued to climb. Cardano was created in 2015 by former Ethereum founder Charles Hoskinson and had its mainnet launched in September 2017. Cardano’s market cap is $32 billion and its market dominance is 1.68%.

“No one showed up for the funeral”

In December of last year, cryptocurrency analyst and trader Marcel Pechman published a column critically analyzing Cardano with the title: “Why Cardano (ADA) Died, But No One Showed Up for the Burial”. According to Pechman, “Cardano is a completely flawed project, but with a huge legion of fanboys who believe whatever nonsense their leader utters. Another interesting aspect, which deceived even institutional investors, was the staking, or remunerated deposit. 70% of the currencies participate in the process, aiming to benefit from inflation. However, the magic disappears when the price starts to fall, and the people discover that the “gain” was fictitious.”

Block increase in Cardano

On February 2, 2022, developers at Input Output, the company that controls the Cardano (ADA) ecosystem, proposed an 11% increase in the network’s block size. in a series of tweets, Charles Hoskinson’s company argued that Cardano’s blocks should grow by another 8 Kb, expanding from the current size of 72 Kb to 80 Kb. “This tweak is part of a planned series of network optimizations. Cardano will continue to be constantly optimized in a series of steps this year, carefully and methodically sizing the network for future growth as demand increases,” he explained. In addition to the block size increase, Input Output also proposed an expansion of Plutus script memory units per transaction on the mainnet, rising from the current 12.5M to 14M — an increase of 1.5M.

Christmas promises

On Christmas Eve 2021, Charles Hoskinson, the creator of Cardano (ADA), went live to talk about what the crypto community can expect from Cardano in 2022. His main plan for the cryptocurrency is to create a formal project structure. source that will bring together all the companies and developers that work in the Cardano ecosystem. “Next year we really plan to build and show the institutions that support Cardano. There are three custody companies that have been around since the beginning and there is a large orbit of other companies that come and go and do specific jobs”, says Hoskinson, explaining that the objective is to concentrate efforts spread across the network. Hoskinson exemplifies that the new cryptocurrency structure will be equivalent to what is now Hyperledger for Linux, and will support the creation of decentralized products.

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