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Following the recent declines in the cryptocurrency market after the gains recorded at the beginning of the week, most cryptocurrencies have experienced further losses in recent days. Cardano (ADA), which experienced a decline during the week and a value loss of nearly 1% in the last 24 hours, dropped below $0.3.
Uncertainty Persists in the Market
The cryptocurrency market, which started to rise after the leading cryptocurrency Bitcoin surpassed the $30,000 price level, quickly declined again. Bitcoin (BTC) started trading between $29,000 and $29,500 after dropping below the $30,000 level.
Most altcoins in the cryptocurrency market experienced value losses as BTC declined again. Ethereum (ETH), which fluctuated between $1,800 and $1,870 throughout the week, started trading at $1,850 following its recent price movements. The total market capitalization of the cryptocurrency ecosystem also declined to $1.17 trillion due to the recent declines recorded during the week.
Cardano (ADA) Falls to Critical Price Levels
Despite the market’s recovery at the beginning of the week, Cardano‘s native cryptocurrency ADA showed relatively poor price performance compared to many other high-market-cap cryptocurrencies. ADA, which surpassed the critical $0.3 resistance level multiple times during the week, failed to continue its upward trend and quickly dropped below $0.3 again.
While many high-market-cap cryptocurrencies recorded low-rate value increases in the last 24 hours, ADA started trading at $0.29 after a value loss of nearly 1% during the day. Although Cardano has seen significant increases in various metrics in recent times, it has not had a positive impact on ADA’s price performance.
According to DeFi Llama data, Cardano’s Total Value Locked (TVL) has increased by 7% in the last month. However, despite the increase in Cardano’s TVL and the development activity on the Cardano network, there have been significant declines in transaction volumes and network activity in recent times. Cardano’s (ADA) 24-hour trading volume recorded an average decrease of 20% according to CoinMarketCap’s latest data.
