Cardano ADA’s price has been going downwards due to pessimistic emotions. Despite favorable improvements and strong fundamentals within the cryptocurrency’s ecosystem, ADA has suffered huge losses over the last month. Charles Hoskinson, the developer of Cardano and CEO of Input-Output Global (IOG), turned to Twitter to explain why the so-called “Ethereum killer” is falling in value.
Being a crypto trader these days is difficult. Fears about the global macroeconomic situation have grown, the bitcoin price has broken through a key support level, and Terra’s algorithmic stablecoin UST briefly lost its dollar peg, exacerbating already perilous market conditions.
In fact, the only thing more difficult than investing in bitcoin (BTC) these days is investing in altcoins. They are frequently vulnerable to the vagaries of a more volatile bigger cousin, which currently holds a 41.2 percent market share.
The ADA of Cardano is no exception. According to CoinMarketCap, the price of ADA fell 12.17 percent yesterday, trading at $0.68 at press time. The popular smart contract-based cryptocurrency has also dropped 16.4% in the last week. ADA is the tenth most valuable cryptocurrency on the market, with a market capitalization of slightly more than $23 billion.
Despite the protocol’s growing fundamentals and a growing community, the asset has recently experienced tumultuous price behavior.
The dramatic collapse in the wider cryptocurrency market has accelerated in the previous 24 hours. For the first time since January, bitcoin fell below the $35,000 key support level early Sunday. The leading cryptocurrency has lost another 5.40 percent today, and is now trading at a 10-month low of $32,020. In recent months, BTC has been trading between $35K and $47K. As a result, the most recent price retracement heralds the start of a new market trend.