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The native cryptocurrency of the Cardano blockchain, ADA, reached the $0.3 level during the week, but it started to decline again as the crypto market showed a downward trend since the morning hours, causing further losses in value. ADA recorded a low percentage loss of 0.4% during the day, falling to $0.29 price levels.
Crypto Market Drops Again
The crypto market had a strong upward momentum after the leading cryptocurrency, Bitcoin, surpassed the $30,000 level on Tuesday. However, it started to decline again in the morning hours. Bitcoin (BTC) quickly fell below the $30,000 levels again and started trading at $29,300 price levels.
Ethereum (ETH) dropped to $1840 after its recent losses. The total market value of the crypto ecosystem also declined to $1.17 trillion according to CoinMarketCap (CMC) data, and there was a decrease of around 30% in the 24-hour trading volume of the crypto market.
As the crypto market showed a downward trend, Hedera (HBAR), XRP, Bitcoin Cash (BCH), and Gala (GALA) experienced value losses of up to 4% during the day. XRP, which led the decline among the top 10 cryptocurrencies by market capitalization, started trading at $0.63 levels after recording a loss of around 3.5% in the last 24 hours.
Cardano (ADA) Falls Below Critical Price Levels
After surpassing the $0.3 levels in mid-July, the native cryptocurrency of the Cardano blockchain, ADA, briefly rose to $0.36 levels, adding momentum to its value increases. However, the reversal of the upward trend in the crypto market caused ADA to experience a downward momentum in recent weeks.
While the market briefly rebounded after BTC surpassed $30,000 news, Cardano (ADA) showed a lower price performance compared to many cryptocurrencies with high market capitalization. ADA tested the critical $0.3 levels multiple times during the week, surpassing these levels, but then started to decline again, trading at $0.29 levels.
