Cardano (ADA) Plummets Over 10% in Market Rout

Cardano Records Significant Price Drop

Cardano (ADA) traded at $0.2558, marking a 10.50% decline in a single day. This represents the most substantial one-day percentage loss for the cryptocurrency since February 5. The sharp downturn reduced Cardano's market capitalization to $9.3276 billion, accounting for 0.41% of the total cryptocurrency market.

Broader Market Sell-Off

The price movement is part of a wider trend affecting major digital assets. Bitcoin experienced an 8.22% drop to $66,578.0, while Ethereum fell 8.33% to $1,947.47. Over the last seven days, Cardano has lost 23.66% of its value, trading within a range of $0.2558 to $0.3358.

Performance and Long-Term Perspective

Despite recent trading volumes reaching $1.1445 billion, the current price remains significantly below its peak. Cardano is still down 91.75% from its all-time high of $3.10, which was recorded on September 2, 2021, highlighting the asset's ongoing volatility.

Summary

The recent plunge in Cardano's value reflects a broader bearish sentiment across the cryptocurrency market. Investors are observing significant downturns in leading assets, with Cardano facing its largest daily loss in months. Market participants will continue to monitor these key price levels closely.

FAQ

Q: What was the extent of Cardano's recent price drop?
A: Cardano fell by 10.50% on the day, its largest single-day percentage loss since February 5.

Q: How does Cardano's current price compare to its all-time high?
A: At its current price of $0.2558, Cardano is down 91.75% from its all-time high of $3.10.

Source: Investing.com