According to the latest data from Investing.com, Cardano’s price fell to $0.2302 on Thursday. This is a fairly significant drop, as the asset lost more than 10% in a single day. In fact, we are witnessing the sharpest decline since early June.
As a result of this drop, Cardano’s market capitalization has shrunk to $8.5 billion. To put the scale of these losses into perspective, at its peak, the project’s market cap reached nearly $95 billion. Currently, Cardano accounts for just 0.31% of the entire crypto market.
Looking at the price action, over the past 24 hours, the price has fluctuated between $0.2302 and $0.2580. The coin has also underperformed over the past week, losing about 6%. Trading volume over the past 24 hours totaled $655 million, which represents just over half a percent of the market’s total turnover.
But Cardano isn’t alone in this. The entire market is looking rather bleak right now. Bitcoin has also dropped by 2.93%, trading around $81,009. Its market capitalization remains at $1.6 trillion, accounting for nearly 60% of the entire crypto market.
Ethereum has lost ground even more significantly, falling 5.74% to $2,429. Its market capitalization now stands at about $297 billion, or 10.85% of the total market. It appears the market is entering a period of a significant pause or even a prolonged downturn.