Cardano has been bearish in the recent timeframes. The cryptocurrency reached a new all-time high at $2.96 during September. ADA has been trying to renew the bullish momentum it saw during September but the overall trend has been declining. After a short bullish since in November, the bears completely took hold of the token. At the time of writing, the cryptocurrency stands at a price level of $1.28. The price of the cryptocurrency has fallen by more than 7% during the past twenty-four hours while the weekly performance shows a decline of 17%. The daily trading volume is also falling with a decline of 11%. Cardano is currently the sixth-largest cryptocurrency; however, the market capitalization is falling downwards.
ADA bearish
Cardano is one of the best bets to place in the cryptocurrency market. It is the first of its kind which combines academia with the blockchain realm. The network of the cryptocurrency is based on heavy-handed research and is hands-down one of the most legitimate projects in the cryptocurrency market.
Although the market sentiment for cryptocurrency is bearish, various developments have been going on in the network. The recent developments have fallen short of reviving the bullish momentum of Cardano but they are a testament to the potential the cryptocurrency possess. The short-term market outlook may be bearish but the long-term outlook is favorable.
Cardano’s environmental focus
The project has also been dubbed “the green blockchain” because of its focus on environmental sustainability. The architecture of the blockchain ensures that it consumes far less energy than most blockchains due to a Proof-of-Stake consensus mechanism. It is also seen as one of the solutions to the climate woes of the world – especially because of its proactive role in the field.
With the growing threat of climate change, the blockchain industry is becoming increasingly involved in climate sustainability – especially since blockchains account for massive energy consumption. Cardano is one of the advocates of environmental sustainability and has pledged to create a forest by planting one million trees. Recently, the network announced it is now halfway to its goal.
Moreover, some of the projects running on the blockchain are also focused on environmental sustainability. One of the sought-after projects that run on the Cardano is Veritree. Veritree is an integrated planting management system that is specifically curated for the restoration of tree and plantation projects. It allows the tracking of tree plantation from day one to ensure the tree remains healthy.