Digital CurrencyCardano Faces Sharp Decline Amid Broader Crypto Market Losses

Cardano Faces Sharp Decline Amid Broader Crypto Market Losses

Cardano (ADA) experienced a significant drop on Wednesday, falling 10.46% to $0.5274 by 23:37 (04:37 GMT), marking its largest one-day percentage loss since July 4. The decline has pushed Cardano’s market capitalization down to $19.06 billion, representing just 1% of the total cryptocurrency market value. At its peak, the token’s market cap reached an all-time high of $94.8 billion.

In the previous 24 hours, Cardano traded within a range of $0.5274 to $0.5740, reflecting the overall bearish sentiment in the crypto market. Despite this setback, the token has seen a notable increase in value over the past week, gaining 51.1%. During this period, it fluctuated between $0.3616 and $0.6591.

However, even after this week’s recovery, Cardano remains far from its all-time high of $3.10, set on September 2, 2021, representing a staggering 82.98% decline from that peak. The total volume of Cardano traded in the last 24 hours was $2.83 billion, accounting for 1.19% of the total cryptocurrency market volume.

Broader Market Downturn

The broader cryptocurrency market also saw losses on Wednesday. Bitcoin (BTC) fell 2.03%, trading at $86,678.20, while Ethereum (ETH) dropped 4.63%, reaching $3,173.98. Bitcoin’s market capitalization stood at $1.73 trillion, comprising 91.06% of the total crypto market cap, while Ethereum’s market cap was $388.8 billion, or 20.41% of the total market value.

The market pullback comes amid a cooling of the initial post-Trump election rally and growing concerns over upcoming inflation data, which is expected to influence the direction of the cryptocurrency market in the near term.

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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