Cardano recovered slightly on Thursday, trading at $0.4204, after recovering 2.06 percent in the previous 24 hours. However, the coin has recently struggled to trade bullishly. The Cardano (ADA) coin may have lost the trust of its investors, but its enormous potential and development roadmap have kept it attractive in the crypto world. Indeed, the Cardano development team’s efforts were one of the primary reasons that helped the blockchain gain market acceptance.
Cardano (ADA/USDT) Price Review
According to the most recent report, Cardano developer activity has been increasing for about six months. The ADA/USDT currently trades at $0.419400, with a 24-hour trading volume of $843,247,560. The current market ranking is #8, with a live market capitalization of $14,155,834,172.
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What’s Driving the Upswing in Cardano (ADA) Prices?
The Cardano network’s rise could be linked to a report that more than 7 million users can now make payments using Cardano’s native cryptocurrency, $ADA. Thanks to the recently announced ADA Pay plugin created as part of COTI’s Project Catalyst challenge.
According to a Medium post, the ADA Pay plugin is available on Odoo (On Demand Open Project), an open-source business application platform with over 7 million users. It’s important to note that many businesses, from small start-ups to large corporations, have used its applications.
Stronger US CPI and Dip in Bitcoin Weights on Cardano
Cardano’s price has fallen recently due to the US CPI inflation statistics and the drop in the price of Bitcoin. Cardano’s price has dropped by more than 11 percent in the previous week. One of the reasons could be a solid uptrend in the US dollar’s demand.
On Wednesday, the US economy reported a solid recovery in the US CPI figures. The Consumer Price Index for All Urban Consumers (CPI-U) rose 9.1% year on year to 296.311 (1982-84=100), the highest 12-month increase since November 1981. The index rose 1.4 percent for the month before seasonal adjustments.
Over the last year, the index of all items excluding food and energy increased by 5.9 percent. The energy index increased 41.6 percent in a year, the most in a single year since April 1980. The food index increased 10.4 percent in the year ending June, the most significant 12-month gain since February 1981.
As a result of the strong CPI figures, demand for the US dollar increased amid expectations that the Fed will tighten its monetary policy further in response to the US CPI report and selling pressure on Bitcoin, Ethereum, and Cardano increased.
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