With the increase in volatility in the cryptocurrency market, the native cryptocurrency of the Cardano blockchain, ADA, has been fluctuating between the levels of $0.25 and $0.27 over the past week. However, in the past 24 hours, ADA has started trading at the level of $0.26, experiencing a loss of around 1% due to the downward trend in the market.
Yesterday, the crypto market experienced a decline again as FED officials signaled the possibility of further interest rate hikes. The leading cryptocurrency Bitcoin (BTC) started trading at around $26,100 after its recent losses. According to CoinMarketCap (CMC) data, the total market value of the crypto ecosystem has fallen to $1.05 trillion.
Cardano (ADA), which faced resistance at the $0.27 level earlier this week and dropped to the $0.25 support level, has attempted to rise again and tested the $0.27 resistance multiple times but failed to surpass it. ADA has started trading at around $0.26 in the past 24 hours due to the downward trend in the crypto market, experiencing a loss of around 1%.
Crypto analysis platform IntoTheBlock has shared the latest on-chain data for Cardano amidst the ongoing uncertainty in the crypto market. There has been a significant increase in the number of ADA held by long-term ADA investors. In early July, the total amount of ADA held by wallets that have been holding ADA for a long time was 9.69 billion ADA. As of August 24, this number has reached 11.04 billion ADA. Additionally, there has been an increase in Cardano’s network activity. According to data from crypto analysis platform Santiment, there have been significant increases in transaction volumes.
However, despite the rise in critical metrics in Cardano in recent months, ADA has shown relatively lower price performance compared to many other high market cap cryptocurrencies. Although most cryptocurrencies recorded high value increases before the recent declines, ADA failed to surpass the $0.27 level. On the other hand, there has been a significant decrease in the Total Value Locked (TVL) amount. According to DeFiLlama data, Cardano’s TVL has decreased by 10% in the past month.