According to U.Today, cryptocurrency analytics firm Santiment reports that Cardano (ADA) is experiencing its highest level of bearish sentiment in over a year. The firm suggests that traders have largely dismissed the cryptocurrency. This negative sentiment persists despite the imminent launch of the Chang hard fork, scheduled for later this month. The hard fork, which aims to introduce decentralized ownership, has been described by founder Charles Hoskinson as the most significant upgrade in the history of the proof-of-stake blockchain. In addition to community-driven governance, the Chang hard fork is expected to enhance scalability and security.

Despite these technical advancements, market excitement around Cardano appears to be waning, as the token remains outside the top 10 on CoinGecko, trailing behind Dogecoin and Troncoin. Meanwhile, XRP is experiencing significant bullish sentiment, with the token surging to $0.61 earlier this week, its highest level since early April. According to Santiment, XRP is benefiting from a wave of positive narratives. Both XRP and Cardano are often compared by market observers due to their similar price movements and dedicated followings.

Former Goldman Sachs analyst Murad Mahmudov recently downplayed the importance of these two altcoins, referring to them as