Cardano Drops Over 10% in Sharp Pullback Despite Strong Weekly Gains

Cardano (ADA) saw a sharp decline of 10.08% on Thursday, trading at $0.8933 by 14:00 (19:00 GMT) on the Investing.com Index. This marks its largest one-day percentage drop since March 3. The selloff pushed Cardano's market cap down to $31.48 billion, representing 1.08% of the total crypto market—a significant drop from its all-time high of $94.80 billion.

In the past 24 hours, ADA fluctuated between $0.8868 and $0.9874, while over the last week, it surged 36.21%, trading between $0.5813 and $1.1562. Despite recent gains, ADA remains down 71.17% from its record high of $3.10, set on September 2, 2021.

Meanwhile, Bitcoin (BTC) slipped 1.45%, trading at $88,428.7, while Ethereum (ETH) dipped 0.76% to $2,201.64. Bitcoin's market cap stood at $1.75 trillion, dominating 60.30% of the crypto market, while Ethereum's market cap totaled $265.22 billion, accounting for 9.12% of the total market.

Cardano’s 24-hour trading volume reached $2.73 billion, making up 2.49% of all crypto transactions, signaling strong market activity despite the price correction.

As volatility grips the crypto market, investors continue to monitor ADA’s price action, with its ability to hold support levels being a key focus in the short term.