Title: Cardano (ADA) Faces Continuous Decline in Value Since the Start of the Year. Can It Recover by the New Year?

Cardano (ADA), a prominent altcoin, has faced strong competition from other smart contract networks such as TRON (TRX) and Toncoin (TON). This competition has pushed Cardano down to the 11th position in terms of market capitalization, now standing at $12.8 billion, with TRON taking its place in the top 10 cryptocurrencies, closely followed by Toncoin. Toncoin, developed with contributions from Telegram co-founder Nikolai Durov, has a market capitalization of $12.5 billion.

Yesterday, ADA’s price rose by 1.8% to reach $0.3593, while TRX and TON showed varied performances. Nonetheless, Cardano enthusiasts hope that upcoming blockchain announcements and updates will strengthen its position in the sector.

Price Analysis of Cardano: Will It Decline Further?

In 2017, two years after the launch of the Ethereum blockchain, Cardano’s blockchain was introduced, and its native currency (ADA) held a spot among the top 10 cryptocurrencies by market capitalization for many years, until recently. In addition to shared functionality, technical architecture, and scalability, Cardano and Ethereum also share a notable figure: Charles Hoskinson. One of Ethereum’s co-founders, Hoskinson was sidelined by the Ethereum Foundation team due to differing views on the foundation’s direction. He advocated for a for-profit model, which led to his departure.$ADA