Cardano (ADA) Plunges 10% in Major Bearish Move

Cardano Experiences Sharp Price Correction

Cardano (ADA) registered a significant downturn, with its price falling to $0.2927, a decrease of 10.08% for the day. This marks one of the largest single-day percentage losses for the cryptocurrency in recent history. The sharp decline pushed Cardano's market capitalization down to $10.6785 billion, accounting for 0.39% of the total cryptocurrency market cap.

Overview of the Market Situation

The downward trend was not isolated to Cardano, as the broader cryptocurrency market experienced a sell-off. Bitcoin, the market leader, was last trading at $80,146.2, down 3.51%. Similarly, Ethereum saw a more substantial loss of 8.76%, with its price at $2,485.80. This indicates a widespread bearish sentiment affecting major digital assets.

Impact on Cardano's Market Standing

Over the last seven days, Cardano has lost 17.15% of its value, trading within a range of $0.2927 to $0.3649. The 24-hour trading volume for Cardano was recorded at $1.0045 billion, or 0.72% of the total volume for all cryptocurrencies. Despite its market presence, the current price is still 90.55% below its all-time high of $3.10, which was set on September 2, 2021.

Summary

Cardano's recent 10% price drop reflects a significant bearish trend, compounded by a general market decline. With its market cap reduced and the price significantly off its peak, traders are closely watching for signs of stabilization or further downward pressure across the cryptocurrency landscape.

FAQ

FAQ
Q: What was the primary driver of Cardano's price drop?
A: The decline appears linked to a broad market downturn, as other major cryptocurrencies like Bitcoin and Ethereum also recorded notable losses on the same day.
Q: What is Cardano's current market capitalization?
A: Following the price drop, Cardano's market cap was adjusted to $10.6785 billion.
Q: How does Cardano's current price compare to its all-time high?
A: At its current price, Cardano is down 90.55% from its all-time high of $3.10, reached in September 2021.

Source: Investing.com