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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