The total value locked (TVL) on smart contract platform Cardano’s decentralized finance ecosystem ($ADA) has dropped to an 8-month low, part of a bigger drop in the total value locked on cryptocurrency networks as investors shift away from risk assets.
According to information from DeFi tracker DeFiLlama, the entire value locked on the Cardano network is now at around $76 million, a number last seen in February of this year, when a wider market sell-off was spurred by high inflation and Russia’s invasion of Ukraine
The community is nevertheless excited on Cardano, however. Price estimates given via CoinMarketCap reveal that 10,800 individuals believe the cryptocurrency will trade at $$0.577 by the end of the month, up 33.5% from the cryptocurrency’s current $0.432 price tag.
Notably, the cryptocurrency community is forecasting that the price of $ADA will close 2022 at roughly $0.49, signaling a short-term gain for the smart contract platform ahead of a temporary correction. The $0.49 amount still suggests a 13% premium on current prices.
As CryptoGlobe reported, a study published by the Basil Committee on Banking Supervision (BCBS) has showed that the world’s top banks have exposure to nearly $9 billion worth of cryptocurrencies, including Cardano ($ADA).
The report comes after CryptoCompare’s latest Digital Asset Management Review report revealed that institutional investors have, throughout the month of September, added to bets against the flagship cryptocurrency Bitcoin ($BTC) by buying up products shorting BTC, while also betting on products offering exposure to $XRP, $ADA, and multiple assets.