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Cardano, VeChain, Algorand fail to desert sinking ship despite revival attempts

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Amid widespread cryptocurrency sell-offs, the larger crypto-market exhibited some signs of a bullish revival. This phase was characterized by high volatility as the market had gone on a rollercoaster ride just the previous day. To top that, Bitcoin’s dominance had dropped to 63.9%, at press time, as it tumbled near the $5,400-level.

Cardano 1-day chart

Source: ADA/USD on TradingView

On the tech front, 2020 has been a very busy year for the Cardano ecosystem. With a flurry of developments under its hood, Cardano is anticipating the long-awaited Shelley migration to the mainnet. However, the latest announcement was the Hydra paper that was made public this week.

While on the tech side the ecosystem has been moving strong, the same cannot be said about its price. Cardano was down by 47.25% over the past week. Numerous market corrections and the latest Bitcoin crash have led the coin to depreciate by 2.88% over the last 24-hours. At press time, ADA was trading at $0.0027 as it held a market cap of $707.2 million and registered a 24-hour trading volume of $104.0 million.

VeChain 1-Day Chart

Source: VET/USD on TradingView

VET did manage to pick up pace, despite putting an unimpressive price movement at the start of the year. A significant development in the VeChain ecosystem was the partnership between crypto-exchange Bitrue and the blockchain and crypto investment firm CREAM to bolster the development of the VeChain [VET] blockchain project. Despite these developments, however, the coin failed to retain any upward momentum.

Bitcoin’s breakdown further allowed the VET token to post significant losses, along with its peer alts. VET was down by 8.36% in the last 24-hours as it changed hands at $0.0026. The coin registered a market cap of $145.8 million and a trading volume of $76.50 million over the last 24-hours.

Algorand 1-Day Chart

Source: ALGO/USD on TradingView

Bitcoin’s crash was catastrophic and over the week, ALGO lost a whopping 58.9% of its value. Despite the fact that Algorand was chosen as the underlying blockchain for the upcoming digital currency of the Marshall Islands, the coin failed to sustain a rally.

ALGO recorded a fall of 7.19% over the last 24-hours. It was trading at $0.152, at press time. Additionally, AGLO’s market cap stood at $99.63 million and a 24-hour trading volume of $66.25 million.


Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.
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