Cardano price drops to yearly low; here are the two main factors behind the decline

Published on by Cryptoslate | Published on

Despite seeing a consistent increase in developer activity and progress with its roadmap, Cardano slipped to levels unseen since the Bitcoin price dropped to the $3,000s in December 2018.

At the time, the Bitcoin price dropped to as low as $3,121 on BitMEX and other widely utilized trading platforms.

As of Dec. 23, the Bitcoin price is down by 46 percent from its yearly high at $13,900 and as such, BTC and the crypto market are technically still on a bearish trend.

2: Cardano has a strong tech with high developer activity but no commercial apps yet.

Over the past 12 months, based on the data from CoinCodeCap, Cardano has consistently had a high number of GitHub commits at 14,611.

In 2020, Cardano will also see the start of a new development phase called Voltaire.

It will focus on the governance side of the Cardano blockchain network to further increase its level of decentralization.

"When both a voting and treasury system are in place, Cardano will be truly decentralized and no longer under IOHK's management. Instead, Cardano's future will be in the hands of the community, who will have everything they need to grow and evolve Cardano from the secure, decentralized basis established by IOHK.".

The difficulties of the previous council of the Cardano Foundation in pushing the commercial aspect of the blockchain protocol are said to have contributed to the stalled growth of Cardano as a smart contract network for decentralized platforms.

Regardless, 2020 is shaping up to be the most important year yey for ADA and the Cardano community.