During the second week of October, bitcoin market values have maintained prices between $54K to $57K. Meanwhile, myriad alternative crypto assets have not yet seen the gains the leading crypto asset has enjoyed during the last two weeks. For instance, cardano used to be the third-largest crypto market in terms of valuation, but after losing 4.8% cardano has slid down to the fifth position this past week.
Cardano Drops from 3rd-Largest Crypto Market Cap to 5th-Largest
The digital currency cardano (ADA) has seen some decent gains during the last 12 months as ADA has increased by 1,840.5% year-to-date. Even Kiss frontman Gene Simmons told the world on October 10, why he invested $300K in cardano (ADA) and how it’s paid off for him so far. However, during the last month, ADA is down 18% and 4.8% over the last seven days. ADA’s market cap is not small and just under the stablecoin tether’s (USDT) overall valuation as cardano’s market cap is around $68.1 billion on Wednesday.
ADA markets on Wednesday are seeing around .9 billion in global trade volume and the crypto exchange Binance currently captures the top cardano trade volume. Tether (USDT) is the top pair with cardano on Wednesday with 58.58% of all ADA trades. This is followed by BTC (10.91%), USD (5.75%), BUSD (5.61%), and EUR (3.89%). The Korean won commands the sixth-largest position with 3.44% of ADA swaps, while ETH commands around 2.69% of cardano exchanges today.
Cardano Prices Down 30% Since All-Time High
Cardano reached an all-time high on September 2, 2021, reaching $3.09 per unit but is now down more than 30% since that day. ADA is currently swapping for prices just above the handle and the crypto asset binance coin (BNB) now holds the third-largest position in terms of market cap. Despite the dip to the fifth position, cardano still captures 2.86% of the entire $2.386 trillion crypto-economy among 10,000+ digital assets in existence.
ADA needs to gain more than 15% in value in order to contend for the third-largest market position — BNB’s $77.7 billion market valuation. The crypto asset’s market cap, however, is only 2.34% lower than tether’s overall market valuation of $69.8 billion. Moreover, ADA is not the only smart contract crypto that has taken a hit in recent times. Solana (SOL) is down 10% this week, terra (LUNA) slid by 18.7%, and Avalanche (AVAX) lost 14.3% this past week.
What do you think about cardano’s market performance this past month? Let us know what you think about this subject in the comments section below.