Cardano Faces Significant One-Day Loss Amid Stagnant Market

Cardano's Significant Loss

Cardano experienced a substantial one-day loss, dropping 10.06% to $0.7051. This marks the largest single-day percentage decline since December 2022. The downward trend reduced Cardano's market capitalization to $25.71 billion, accounting for 0.99% of the entire cryptocurrency market cap. Previously, Cardano's market cap had reached a high of $94.80 billion.

Trading Range and Market Performance

Over the last twenty-four hours, Cardano traded between $0.7030 and $0.7641. In the past week, its value has stagnated, showing only a 1.28% movement. The trading volume was $1.816 billion, representing 0.92% of the total cryptocurrency market volume. Within the past seven days, Cardano fluctuated between $0.6880 and $0.8097. Despite recent movements, Cardano remains significantly below its all-time high of $3.10 recorded in September 2021, down by 77.25%.

Broader Cryptocurrency Market Trends

In the broader cryptocurrency market, Bitcoin and Ethereum also faced declines. Bitcoin was trading at $67,771.5, down 7.59%, while Ethereum was at $3,699.38, a decrease of 6.66%. Bitcoin's market cap stood at $1.339 trillion, making up 51.56% of the total market cap. Ethereum's market cap was $448.82 billion, comprising 17.28% of the total cryptocurrency market value.

This market volatility highlights the unpredictable nature of cryptocurrency investments, impacting major players like Cardano, Bitcoin, and Ethereum simultaneously.