The Tale of 3 Cryptocurrencies: Cardano, Dogecoin and ReddCoin

The Cryptocurrency market is one of the most volatile, yet profitable trading markets in the world, currently holding a combined market cap in excess of $300 Billion USD. The obvious names which come to mind are Bitcoin, Ethereum, and Ripple, which hold the top 3 ranks in terms of market capitalization. However, seasoned investors and cryptoanalysts will know that there is indeed a world of opportunity awaiting if one delves deeper into the market.

Current Market Scenario

Cardano (ADA), Reddcoin(RDD) and Dogecoin(DOGE) were all “talked” about tokens before, with all of them reaching their peaks during the massive highs experienced during early January. However, the values of all three coins have been declining steadily, reaching under a $1 at one point. Below we will discuss the reasons which led to their massive downfall.

1. Cardano, is currently ranked 7th in terms of market cap according to Coinmarketcap. It currently holds a market cap of $4,063,368,276 USD at the time of writing, with a total supply of 31,112,483,745 ADA tokens. While this may look impressive to novice traders, Cardano’s value has dropped considerably from the highs of January, which achieved an all-time high of $ 1.17 on January 07th. It has since dropped dramatically to a measly $0.183960 at the moment. Like always negative investor sentiment played a key role in suppressing Cardano’s price. Investor confidence started to fall on the Cardano project, as it succumbed to various pump tactics by investors. Another major factor that hampered Cardano’s price growth was the recent investigation of South Korean Markets, which affected the overall Cryptocurrency market indirectly.
   
2. DogeCoin, now ranked at 41 has gifted violent cost highs and lows in new times. This comes after a clever marketplace participation in January, where it was valued at $ 0.017664. Currently, it sits at $ 0.003541, which is contemplative of the vast diminution it experienced. Many have speculated about the reasons for this vast rain and have forked out the external money flows during the gratifying season. If reports are to be believed, then the withdrawal of a vast number of investors from the Doge marketplace is directly obliged for the cost slump.
   
3. Reddcoin, probably the misfortune strike of the lot is ReddCoin, now ranked 82^nd in the world. It forsaken from an considerable figure of $ 0.15158 on Jan 16^th to $ 0.005276 at the time of writing. Again, financier view played a pivotal purpose in the decline, which is being seen in the box of many new ICO projects. Almost every vital silver came underneath vigour amid China’s devise to crackdown on crypto trading. The diminution was also partly fueled by news of information breaches in Asian crypto exchanges which increasing disastrous view towards the coin. As financier certainty started to decrease, so did Reddcoin’s swell and eventually it’s price.