The fourth most valuable crypto asset is currently witnessing record sell-offs amid high profit-taking at the crypto-verse.
At the time of drafting this report, Cardano traded at $0.690598 on Monday, down 22.44% for the day It was the biggest one-day percentage loss since March 12, 2020.
Such a bearish drop pushed Cardano’s market value down to $23.7 billion or 1.68% of the total cryptocurrency market valuation. At its highest price level, Cardano was worth 28.86 billion.
The fast-rising crypto had traded in a range of between $0.690598 to $0.865184 for the day.
Over the past week, Cardano has however seen its value appreciate by 18.12%. The volume of Cardano traded a day to press time was $7.33 Billion or 3.85% of the total volume of all crypto assets.
Cardano (ADA) had lately has been tipped to outperform in 2021 by many crypto pundits on the bias that it’s headed towards its smart contract launch last month, leading to a significant amount of applications built on Cardano by this time 2021.
This means that more developers will see it as an attractive medium for building their desired apps.
What you should know
- Cardano is a type of blockchain that permits people to receive and send funds.
- ADA coin is the name in the cryptocurrency.
- It uses the Cardano blockchain and it also allows people to design smart contracts just like Ethereum.