Analyst: Cardano’s Growth Will Only Provide Smart Contract Deployment

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Cryptanalyst Benjamin Cowen argues that Cardano continues to be in a downtrend. The trader explained that at the moment there are no factors that could help the cryptocurrency to get out of the downtrend and return to growth. According to Cowan, only the deployment of smart contracts on the altcoin network and the appearance of promising projects on the platform can provoke the impulse growth of Cardano. Writes about this RBC Crypto.

In early September, Cardano set a new all-time high at $ 3. Altcoin has skyrocketed in price ahead of the release of the Alonzo update, which added support for smart contracts to the Cardano blockchain. The update was activated on the cryptocurrency network on September 13th.

In the period from late July to early September, Cardano has risen in price by 192%, the asset took the third place in the list of the largest cryptocurrencies in terms of capitalization. Over the past two months, the price of Cardano has dropped more than 40%. Altcoin capitalization fell to $ 58.8 billion. On November 22, the token ranks sixth in the list of the largest cryptocurrencies in terms of capitalization.

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