The cryptocurrency community has been steadily optimistic about Cardano's (ADA) development, setting the average price for May 31, 2023 at $0.3951. At the time of writing, the seventh-largest digital asset by market capitalization had a price of $0.3613, showing a decline of 0.90% in the last 24 hours. Despite this, the crypto is second-best performer in terms of risk-adjusted returns among top cryptocurrencies by market capital, demonstrating a Sharpe ratio of above 2.

CoinMarketCap's community optimism for Cardano's future can most likely be attributed to a number of developments within the Cardano ecosystem, such as the rate of transactions through DeFi applications, whale confidence and the growth of the blockchain via the Hydra protocol. Although, the one-day technical analysis (TA) gauges on TradingView don't seem to agree, mostly suggesting the sentiment of 'sell'.

Given the ever-changing conditions of the cryptocurrency market, it may be difficult to predict the future price of Cardano. However, with the coin already showing promising returns and an array of developments taking place towards its improvement, long-term investment may be worth considering. It is nevertheless important to remember that investing is speculative and your capital is always at risk. Comprehensive research should be done before committing to any investments.



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