Cardano Slips to 5th-Largest Crypto Market Position — ADA Down 30% Since All-Time High Last Month

DApp Dec 4, 2022 0 205 Add to Reading List

During the second week of October, bitcoin market values have maintained prices between $54K to $57K. Meanwhile, myriad alternative crypto assets have not yet seen the gains the leading crypto asset has enjoyed during the last two weeks. For instance, cardano used to be the third-largest crypto market in terms of valuation, but after losing 4.8% cardano has slid down to the fifth position this past week.

Cardano Drops from 3rd-Largest Crypto Market Cap to 5th-Largest

The digital currency cardano (ADA) has seen some decent gains during the last 12 months as ADA has increased by 1,840.5% year-to-date. Even Kiss frontman Gene Simmons told the world on October 10, why he invested $300K in cardano (ADA) and how it’s paid off for him so far. However, during the last month, ADA is down 18% and 4.8% over the last seven days. ADA’s market cap is not small and just under the stablecoin tether’s (USDT) overall valuation as cardano’s market cap is around $68.1 billion on Wednesday.

Cardano (ADA) on October 13, 2021. ADA is down more than 30% since the crypto asset’s all-time high on September 2, 2021, reaching $3.09 per unit

ADA markets on Wednesday are seeing around $1.9 billion in global trade volume and the crypto exchange Binance currently captures the top cardano trade volume. Tether (USDT) is the top pair with cardano on Wednesday with 58.58% of all ADA trades. This is followed by BTC (10.91%), USD (5.75%), BUSD (5.61%), and EUR (3.89%). The Korean won commands the sixth-largest position with 3.44% of ADA swaps, while ETH commands around 2.69% of cardano exchanges today.

Cardano Prices Down 30% Since All-Time High

Cardano reached an all-time high on September 2, 2021, reaching $3.09 per unit but is now down more than 30% since that day. ADA is currently swapping for prices just above the $2 handle and the crypto asset binance coin (BNB) now holds the third-largest position in terms of market cap. Despite the dip to the fifth position, cardano still captures 2.86% of the entire $2.386 trillion crypto-economy among 10,000+ digital assets in existence.

ADA needs to gain more than 15% in value in order to contend for the third-largest market position — BNB’s $77.7 billion market valuation. The crypto asset’s market cap, however, is only 2.34% lower than tether’s overall market valuation of $69.8 billion. Moreover, ADA is not the only smart contract crypto that has taken a hit in recent times. Solana (SOL) is down 10% this week, terra (LUNA) slid by 18.7%, and Avalanche (AVAX) lost 14.3% this past week.