Cardano investors are shifting their focus to a promising virtual reality ICO called 5thScape, in hopes of reaping potential profits of up to 2,300%. Cardano’s price has been on a downtrend since reaching its 2024 peak above $0.80, and the 21DMA is acting as strong resistance. Currently priced at $0.468, ADA has experienced a decline of over 10% from its earlier highs this week.
Amidst Cardano’s struggle to gain traction, investors are now turning their attention to the exciting virtual reality ICO known as 5thScape, as they eagerly chase the possibility of significant profits. The cryptocurrency market as a whole has been facing challenges, with Cardano down more than 40% from its March highs, reflecting the impact of macroeconomic headwinds.
Recent data on US Core PCE inflation indicates that core price pressures in the US remain uncomfortably high, leading to the expectation that the Federal Reserve will delay interest rate cuts until later in 2024. Consequently, US bond yields and the value of the US dollar are currently at multi-month highs. Additionally, the decline in inflows into spot Bitcoin ETFs has had a negative impact on altcoins, including Cardano.
Although ADA has experienced a modest increase of over 15% from its monthly lows, the risks are still tilted towards further decline. However, there is a likelihood that ADA will gradually recover in the coming months and quarters, as many believe that the cryptocurrency market is still in the midst of a bull run.
One concerning factor for Cardano is the disappointing growth of its web3 ecosystem, which suggests a lack of adoption. According to DeFi Llama, Cardano’s total value locked (TVL) currently stands at $368 million, ranking it 26th in terms of TVL. This raises concerns that the ADA price may be significantly overvalued, considering that Cardano is the 10th largest cryptocurrency with a market cap of $21.5 billion.
To put this potential overvaluation into perspective, Cardano’s TVL is lower than that of PulseChain, Ultron, MultiverseX, and Thorchain. However, Cardano’s market cap valuation is at least 10 times higher than these competing projects. This does not necessarily mean that ADA will experience a 90% price drop, but it may struggle to keep up with major cryptocurrencies like Bitcoin and Ethereum, which have a greater level of adoption.
As a result, Cardano investors are now exploring the opportunities offered by a new virtual reality ICO called 5thScape, in search of higher potential returns. 5thScape has been gaining significant attention recently, with investors speculating that it could become a market leader. The project is a unique crypto-powered VR/AR endeavor, and its presale has already raised over $5.6 million.
The token is currently priced at $0.00327, which is a substantial discount from its planned launch price of $0.1. Investors who participate in the presale now have the opportunity to secure potential gains of 200%. With a total token supply of 5.1 billion, investors who join the project at this stage are essentially entering at a market cap of $16 million.
Considering the potential for 5thScape to become a significant market leader in the VR/AR industry, its native token, 5SCAPE, could be the most promising crypto presale of 2024. As the platform gains traction and organic demand for 5SCAPE increases, there is a possibility that it could eventually reach a market cap of $500 million.
The 5SCAPE token can be purchased today using ETH, MATIC, USDT, BNB, or card. In the presale, 80% of the total token supply is available for purchase. It is important to note that investing in cryptocurrencies carries a high level of risk, and this article is provided for informational purposes only and should not be considered investment advice.