Cardano (ADA) still in the green as the market continues to bleed
Despite a minor comeback in the cryptocurrency market just a day ago, most digital assets are still in the red. Bitcoin has lost 14% of its value in one week of trading, which is hardly a figure that experienced crypto traders are concerned about.
Cardano is gaining traction in comparison to Bitcoin. The price performance of one of the market's most notable assets against Bitcoin has been more than successful in recent weeks and even months. The main cause for this is the Vasil hard fork and Ethereum's uncertain future, which has permanently disabled the PoW mechanism.
Cardano is also performing well in terms of price performance, having gained more than 8% in the last seven days. It has broken the upper border of the ascending triangle for the third time this month as of press time. The breakthrough is a significant step toward trend reversal on ADA. The cryptocurrency has lost more than 60% of its value since the ATH and has yet to rebound, especially given the market conditions we have seen in recent months.
Cardano further demonstrates that it is not just rallying against Bitcoin but also performing better than average versus the US Dollar, despite its strengthening against a group of foreign currencies. Regulators generate a toxic atmosphere in the vicinity of Ether.
Unless building on the network becomes popular again, Ethereum's profitability and revenue remain relatively low, which is why, despite the Merge update, selling pressure on it has escalated enormously in the last few days. Bitcoin is waiting for monetary policy to relax.
Despite the relief in the cryptocurrency market, Bitcoin is still going through correction cycles following yet another rate hike that began at the FOMC meeting on September 21. Unfortunately, unmanageable inflation indicates that the regulator will continue to raise the country's key rate despite the problematic conditions in the stock market, which, as we all know, determines the movement of digital assets. At the time of writing, Bitcoin was trading at $18,900, still hovering around the year's low.
