Cardano Drops Over 10% in Biggest One-Day Loss Since March as Crypto Market Declines

Cardano (ADA) fell sharply on Tuesday, dropping 10.21% to $0.6575 by 20:35 (00:35 GMT) on the Investing.com Index. This marks its largest single-day loss since March 9, pushing its market cap down to $23.7 billion, accounting for 0.93% of the total cryptocurrency market. At its peak, Cardano’s market cap reached $94.8 billion.

In the past 24 hours, ADA fluctuated between $0.6554 and $0.6813, while over the last seven days, it plummeted 21.54%. Trading volume in the past day hit $1.87 billion, representing 1.31% of the total crypto market’s trading activity. Over the past week, Cardano traded within a range of $0.6554 to $1.0177. The token remains down 78.78% from its all-time high of $3.10 set on September 2, 2021.

The broader crypto market also faced losses. Bitcoin (BTC) fell 5.21% to $77,050.0, with its market cap at $1.56 trillion, making up 60.84% of the total crypto market. Meanwhile, Ethereum (ETH) dropped 10.79% to $1,816.76, with a market cap of $225.3 billion, representing 8.80% of the total crypto valuation.

The recent downturn in the crypto market has sparked concerns among investors, with Cardano’s sharp decline highlighting ongoing volatility. Traders are closely watching key support levels as sentiment remains uncertain.