Profit-Booking Hurts ‘Ethereum Killer’ Cardano As Smart Contracts Go Live

Cardano (CRYPTO: ADA) traded 4.86% lower over 24 hours at $2.43 in the early hours of the new week after implementing smart contracts earlier on Sunday evening.

What’s Moving? Cardano has fallen 15.8% over a seven-day trailing period. 

See Also: How To Buy Cardano (ADA)

Against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), ADA fell 3.18% and 3.07% respectively.

The fall in Cardano, one of the so-called “Ethereum killers,” comes after recent advances in the cryptocurrency’s price.
ADA touched an all-time high of $3.10 on Sept. 02 and at press time traded 21.30% lower than that level.

Over the last 30-day period, ADA is up 12.44%, while, since the year began, it has shot up 1292.51%.

Why Is It Moving? On Sunday, Cardano founder Charles Hoskinson said “everyone is a winner” after the project implemented smart contracts.

See Also: Cardano Gets Wild Price Target Of $100 From Backers On Social Media. Feasible? Here’s What This Expert Has To Say

Tim Harrison, Marketing and Communications Director for Input-Output, the company behind Cardano, toned down expectations in a blog post on Sunday while taking a dig at Ethereum.

“Expectations need to be managed here. We should remember that another well-known blockchain project which launched in July 2015 had to wait over two years before its first DApp (something to do with cats?) gained real user traction,” he said.

Harrison was pointing to the collectibles game CryptoKitties, the first DApp on Ethereum, which came into being in 2017. 

ADA was the third most mentioned cryptocurrency on Twitter at press time behind BTC and Solana (CRYPTO: SOL), as per Cointrendz data.

Meanwhile, Gokhshtein Media founder David Gokhshtein noted the profit booking in Cardano on Sunday, particularly by the XRP (CRYPTO: XRP) community. 

At press time, ADA fell in tandem with major coins like BTC and ETH both of which were trading 1.66% and 1.92% lower over 24 hours at $44,633.20 and $3,271.07 respectively. However, the decline in ADA is far sharper.

Read Next: Cardano Founder Sees Bigger Role For Crypto In Afghanistan After US Withdrawal

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