Cardano has fallen 13% over the past week as the crypto market experiences a correction. ADA is now priced at $0.7207, down 13% in the last seven days. Its market cap has dropped to $25.39 billion, a 3.1% decrease, while 24-hour trading volume has jumped 15% to $2.03 billion, showing a spike in trading activity.
The recent decline comes after ADA saw a sharp 72% jump last Sunday following the announcement of a crypto strategic reserve. However, uncertainty about the reserve’s implementation caused the price to fall, wiping out those gains by Monday. Other cryptocurrencies expected to be part of the reserve, including Ethereum, XRP, and Solana, also saw losses.
By Friday, the market sell-off deepened as an executive order was signed to establish a strategic Bitcoin reserve along with a stockpile of other digital assets. This long-awaited move, along with the first-ever U.S. crypto summit, failed to generate positive momentum in the market.
The entire crypto market is going through a decline, with the global market cap now at $2.59 trillion after falling 4.01% in the last 24 hours. Major cryptocurrencies have also taken a hit—Bitcoin is down 5%, Ethereum has dropped 8%, XRP has fallen 5%, and Solana is down 4%.
In the past day, about $13.89 million worth of ADA (a cryptocurrency) bets were wiped out. People who bet the price would go up lost $9.98 million, while those who bet it would go down lost $3.91 million. Even though the price fell, more people are trading ADA now, showing the market is busy. No one knows if the price will bounce back, but traders are keeping a close eye on it.
Also Read: BTC struggles below $84K despite Trump Crypto Summit push
