The cryptocurrency market started the day with an increase as the leading cryptocurrency Bitcoin recorded an average increase of 1.5% in the last 24 hours, reaching the price levels of $29,400. Cardano (ADA), which has lost more than 3.5% in the last week, also turned its direction upwards in the morning hours and recorded a low rate of increase of 0.2% during the day.
ADA, which has been experiencing a strong downward momentum since the last months of 2021, has accelerated its losses due to the downward trend in the market. The native cryptocurrency of the Cardano blockchain, ADA, has lost more than 3.5% in the last week and fell to the price levels of $0.28 on the first day of the week.
However, despite starting the week with a decline, the leading cryptocurrency Bitcoin (BTC) started to rise again in the morning hours and reached the price levels of $29,400 with an average increase of 1.5%. The cryptocurrency market started the day with an increase due to the value increases in BTC.
With the effect of this upward trend in the cryptocurrency market, ADA also started to rise again in the morning hours. ADA, which recorded value increases of 0.2% during the day, started trading at $0.29 and approached the $0.3 price levels significantly.
ADA, which gained momentum in the upward direction with the market turning upwards, experienced losses and a downward momentum when it fell below the $0.3 price levels during the week. Although it recorded a 0.2% increase in value in the morning hours, ADA could not achieve a clear increase in the last 24 hours compared to most high market cap cryptocurrencies.
On the other hand, according to the latest data shared by cryptocurrency analysis platforms, many indicators have shown significant increases in Cardano recently. According to the data shared by the cryptocurrency analysis platform Santiment, addresses holding between 100,000 and 10 million ADA in their portfolios have added more than 116 million ADA to their portfolios since May 21. Additionally, the cryptocurrency analysis platform Messari reported in a recent report that many important indicators such as trading volumes and network activity are on the rise.
However, despite the upward trend in critical metrics in Cardano, ADA has performed significantly lower in terms of price performance compared to many high market cap cryptocurrencies recently. ADA, which has lost more than 3.5% in the last week, could not achieve a clear increase despite the value increases in BTC and other high market cap cryptocurrencies during the day.