Cardano Weak Despite Addition to Bloomberg Terminal
Activity on the cryptocurrency market may be a little subdued lately over worries that the Indian government could impose a ban on the trading, mining, possession and transfer of digital currencies. However, there is good news for Cardano traders, which could potentially drive up interest and price in the Ada token in the near term.
Cardano’s rapid ascent to becoming among the most popularly traded cryptocurrencies has captured the attention of big investors, causing it to be listed on the Bloomberg Terminal as of Monday, 15 March 2021. One of the most important tools used to get a better understanding of global financial markets, Bloomberg Terminal is used by the most influential and important traders and investors worldwide to access and analyze key financial information.
While the inclusion of Cardano in the Bloomberg Terminal is expected to give it an edge towards being taken more seriously among its numerous contenders, there are several concerns raised about the delay in bringing out features. For instance, the Cardano blockchain network does not yet have the ability to support smart contracts, an important feature that can drive its adoption higher.
On the technical side, Cardano’s Ada did experience some weakness through the past week, bucking the bullish trend seen in other cryptocurrencies which were boosted by President Biden signing off the latest COVID-19 relief package worth $1.9 trillion. However, over the past 10 days, Ada weakened by nearly 10%, with its market cap sitting just a little over $33 billion for now and holding its ranking as the fifth most popularly traded digital currency.
At the time of writing, ADA is trading around 1.04. Despite the rollout of the recent Mary update, skepticism about a shortage of deployment of popular applications on the Cardano blockchain are keeping prices under pressure, which is likely to continue for the near-term.
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