The
cryptocurrency market is witnessing a significant correction in Cardano (ADA)
prices, with the token experiencing a sharp decline to $0.9, representing a 24%
decrease in the past 24 hours. This downturn comes after an impressive 216%
surge in November, raising questions about the sustainability of ADA’s recent
rally.
During
Monday’s session, ADA’s price dropped nearly 16%, closing the day at $1.
Intraday declines were even steeper, reaching a local low of $0.91. This
represented a temporary 24% loss for Cardano, marking the largest single-day
drop in over three years, since September 2021, when ADA’s price fell by 30%.
Today,
Tuesday, December 10, 2024, ADA’s price is seeing a slight correction, up 1.3%.
Currently, Cardano is trading at $1.02 on Binance. However, the recent drop
significantly impacted Cardano’s total market capitalization, which now stands
at $35.6 billion, pushing the token to the ninth position among the largest
cryptocurrencies by market cap.
Why is Cardano price down today? Source: TradingView
Despite the
decline, investor activity remains robust, with daily trading volume at $3.8
billion, exceeding that of Binance Coin (BNB), which is currently the
sixth-largest token in circulation.
What is the current Cardano market capitalization? Source: CoinMarketCap
Current Market Status
The price
correction in Cardano reflects broader market dynamics and profit-taking
behavior. After…
