Cardano Price Plummets to 6-Month Low Amid Broader Crypto Market Downturn
Cardano's Recent Performance
Cardano (ADA) saw a significant decline, trading at $0.6171 on Thursday, marking a 10.10% drop—the largest one-day loss since March 9. Its market cap fell to $21.9015B, representing 0.84% of the total cryptocurrency market. Over the past week, Cardano has lost 15.93% in value, with trading volumes reaching $1.1943B in the last 24 hours.
Market Position and Historical Context
At its peak, Cardano's market cap reached $94.8001B, but it now sits at just over $21B. The cryptocurrency is still 80.09% below its all-time high of $3.10, recorded on September 2, 2021.
Broader Cryptocurrency Market Context
The downturn in Cardano's price reflects broader market challenges. Bitcoin dropped 5.00% to $81,587.6, while Ethereum fell 6.09% to $1,761.66. Bitcoin's market cap dominates at $1,626.8143B (62.15% of the total crypto market), followed by Ethereum at $213.1556B (8.14%).
The cryptocurrency market continues to experience volatility, with major coins like Cardano, Bitcoin, and Ethereum facing significant price drops. Investors remain cautious as the market struggles to regain momentum.
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