The recent downward trend in the cryptocurrency market has caused most cryptocurrencies to lose value to varying extents. Cardano (ADA), which recorded an average loss of 6% in the past week (ADA), also experienced a loss of nearly 1% in the past 24 hours, dropping below $0.3.
Market Continues to Show a Bearish Trend
Bitcoin (BTC), the leading cryptocurrency that has been consolidating between $29,000 and $30,000 in recent weeks, has dropped to $29,100 along with the losses it has recorded since the beginning of the week. With the renewed bearish trend in the cryptocurrency market, many high-value cryptocurrencies have experienced accelerated losses during the week.
Ethereum (ETH), which lost nearly 2% in the past week, started trading at $1830, while the total market value of the cryptocurrency industry dropped to $1.16 trillion according to CoinMarketCap (CMC) data.
The cryptocurrency market has started to move relatively sideways in recent weeks, with a significant decrease in volatility. According to Coinglass data, approximately $40 million worth of short and long positions were liquidated in the past 24 hours.
Cardano (ADA) Slides Below $0.3
The renewed drop in Bitcoin to $29,000 – $29,100 levels along with the losses it has recorded since the beginning of the week has caused many cryptocurrencies to decline once again. Cardano’s native cryptocurrency ADA also experienced losses during the week due to this downward trend in the market.
ADA, which recorded an average loss of 6% in the past week, also lost 1% in the past 24 hours, dropping below $0.3 and starting to trade at $0.29.
In addition to the decline in ADA price, there has also been a significant decrease in the Total Value Locked (TVL) on the Cardano blockchain. According to DeFiLlama data, Cardano’s TVL has recorded a decrease of nearly 4.5% in the past week.
