Cardano (ADA) has lost over 8% of its value in the last 24 hours as the price takes a tumble amid a general market downturn. The economic concerns triggered by geopolitical tensions in the Middle East have outweighed any impact the Leios upgrade could have on ADA . Leios Upgrade Overshadowed by Market Volatility Leios is a redesign of Cardano’s consensus mechanism, introduced in 2022. The technical upgrade targets fixing challenges facing the Cardano blockchain, such as throughput. Notably, Cardano can only process a limited number of transactions per second. The network slows down during peak periods of high demand, which could lead to congestion. Leios aims to solve these problems by optimizing resource usage. That is, Leios could ensure that network resources are engaged more efficiently to handle more transactions per second. Cardano users anticipated that the upgrade would signal growth and more adoption, which could positively impact the price. However, the broader market dynamics overshadowed the hype prior to the upgrade. Cardano Price Nosedives as Market Sentiment Weakens According to CoinMarketCap data , in the last 24 hours, Cardano has slipped from a peak of $0.5787 to a low of $0.5301. The volatility is due to the uncertainty that has hit the global financial market. Investors are concerned about how events will turn out, leading to a low risk appetite. Cardano is trading down by 8.14% at $0.5300 as of this writing. This notable decline has wiped out the gains ADA recorded in the last seven days. However, Cardano has seen a spike in trading volume by 42.08% to $1.05 billion. This massive uptick could be selling pressure from investors looking to avoid further losses or acquisitions by long-term holders looking to leverage the low price. Leios Developers Remain Focused on Long-Term Impact Despite the setback, the development team behind Cardano, Input Output Global (IOG), has maintained that it remains committed to Leios. This is crucial as Leios could be pivotal in determining Cardano’s recovery and the network’s growth path . When the digital currency market resets, users will look forward to seamless transactions free of congestion. Such development could support ADA’s rebound journey . The post Cardano Slips Under $0.59 as Leios Upgrade Fails to Spark Rally appeared first on TheCoinrise.com .
