The fifth most valuable crypto is currently witnessing some sell-offs amid high profit-taking and a rising U.S dollar.
At press time, Cardano’s price was $1.06 with a daily trading volume of $5.3 billion. Cardano is down 4.68% for the day. It was the biggest one-day percentage loss since February 23.
It’s now the 5th most valuable crypto asset with a market value of about $34 billion. At its highest, the popular crypto designed to help African farmers ease their payment challenges had a valuation of $41.6 billion.
Cardano had traded in a range of $1.011458 to $1.032199 for the day.
Over the past week, the bears took a grip on the crypto as its value plunged by 13.16%.
Cardano (ADA) has been tipped to do well by many crypto experts on the account that it headed towards its smart contract launch, leading to a significant amount of applications built on Cardano.
- The widely known crypto among retail investors recently achieved this after a hard fork called“Mary” on March 2.
- This hard fork will permit crypto users to create tokens that can run on the same blockchain as Cardano’s native token, ADA. This now means.
- Cardano shares a close similarity with Ethereum, which had already allowed for the creation of new tokens on its blockchain.
Amid the recent price drop in play, Cardano has experienced an impressive rally of late, as investors have relatively remained bullish on the fast-rising crypto asset on the bias that many crypto pundits believe it has the most decentralized project and the most friendly and simple staking seen.
That being said, Cardano’s long-term investors are having record gains as its current return on investment stands at about 4789.48%.