- Cardano (ADA) has dropped 10.07%, with its market cap now at $25.8 billion, down 76.24% from its all-time high.
- The broader crypto market is also seeing declines, with Bitcoin and Ethereum both facing significant losses.
Cardano (ADA) has been in a serious slump recently, dropping 10.07% in a massive sell-off. The price drop has hit its market cap, which now stands at $25.8 billion, representing just 0.81% of the total cryptocurrency market. At its peak, Cardano’s market cap reached a whopping $94.8 billion.
Over the past 24 hours, ADA traded between $0.7158 and $0.8195. But this recent downtrend has overshadowed its gains from earlier in the year. The token has lost 19.33% of its value over the last seven days, with ADA trading between $0.5377 and $0.9877 during that time.
Cardano’s struggles are not new. The coin is still down a staggering 76.24% from its all-time high of $3.10, which it reached on September 2, 2021. Many investors are feeling the weight of these losses as they hold onto their ADA bags, hoping for a rebound.
Trading volume tells a similar story. Cardano’s 24-hour volume reached $1.6 billion, accounting for only 0.83% of the total market volume. These numbers reflect a slowdown in investor activity, which might signal a bearish sentiment in the market.
Looking at the broader crypto market, Bitcoin (BTC) and Ethereum (ETH) also experienced declines. Bitcoin was down 4.07%, trading at $97,529.3, while Ethereum slipped by 6.82%, sitting at $2,676.37.
Bitcoin’s dominance remains strong, controlling 60.54% of the total market cap, while Ethereum follows with 10.11%. The downturn in these two heavyweights is creating ripples across the entire market, pulling down altcoins like Cardano even further.
So, what’s next for ADA? The current trend suggests more volatility ahead. Cardano might continue to face downward pressure unless it can regain investor confidence. It’s important to watch the broader crypto market, as movements in Bitcoin and Ethereum will likely influence Cardano’s performance.
Cardano remains a challenging bet for investors. The recent price action highlights the volatility that can shake altcoins, especially when larger coins like Bitcoin and Ethereum struggle. But, as always, the market can turn quickly, and Cardano could surprise us with a reversal if the right catalysts appear. Until then, patience seems to be the name of the game.
