Cardano, the fourth most valuable crypto by the Crypto market value is currently witnessing some sell-offs amid high profit-taking and a rising U.S dollar.
At press time, Cardano was trading at $1.246876 on Thursday, down 10.61% on the day. It was the biggest one-day percentage drop since February 23.
The recent sell-off pushed Cardano’s market value down to $40 billion or 2.26% of the total crypto market value. At its highest, Cardano’s market value$44 billion.
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Cardano had traded in a range of $1.239379 to $1.471938 for the day.
It’s vital to note that amid the recent price correction in play, the fast-rising Crypto has pretty done for its investors as it printed gains of more than 4000% since its inception.
- 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.
- Cardano shares a close similarity with Ethereum, which had already allowed for the creation of new tokens on its blockchain.
READ: Cardano explodes, more valuable than XRP, Tether, Polkadot
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.