Cardano’s ADA Price Hits One-Year Low Amid Crypto Market Turbulence
In Brief
Cardano’s ADA has reached its lowest value in a year, currently trading at $0.244, marking a 52.5% annual decline. Regulatory issues, including the classification of ADA as a security by the SEC, have contributed to a more than 15% drop in its value.
Bitcoin remains relatively stable but down 0.88% for the week and 12.7% for the month, currently trading at $25,666. Ethereum (ETH) has seen a 1.73% decline in 24 hours, lagging behind Bitcoin’s performance, with a 2.24% weekly drop.
Cardano’s ADA cryptocurrency has dipped to its lowest value in a year, with current trading at $0.244, marking a 52.5% yearly decline. ADA reached its minimum price in the past 24 hours, touching $0.2413.
The low price comes as crypto prices plummet and DeFi activity on the blockchain network sees a notable drop.
One of the key factors contributing to ADA’s struggle is its classification as a security by the U.S. Securities and Exchange Commission (SEC) in the context of its investigations into Coinbase and Binance.
Despite vehement denials from Cardano’s founder, Charles Hoskinson, and Input-Output Global (IOG), the parent company of the Cardano blockchain, this regulatory cloud has cast a shadow on ADA, leading to a more than 15% decline in its value since the classification.
Coinciding with ADA’s price decline is a fall in DeFi activity on the Cardano network. The data shared by Crypto Slate reveals that Cardano’s transaction volume hit a yearly low on September 9, plummeting to just $821,390. This is a significant drop from the network’s transaction volumes exceeding $10 million seen in late May and early June.
While Cardano’s DeFi TVL remains relatively high, even though it has seen a slight decrease to 587 million tokens from a peak of 621 million, the overall decline in DeFi activity and ADA’s price woes underscore the challenges facing the network in the current crypto market.
Bitcoin and Altcoins Are Down
The crypto market is now in the red. Bitcoin had a quiet weekend with minimal price changes. It’s currently trading at $25,666, down 0.37% in 24 hours. Overall, Bitcoin has declined by 0.88% for the week and 12.7% for the month.
Ethereum (ETH) also struggled over the weekend, remaining flat on Saturday and dropping by more than 1.1% on Sunday. Currently trading at $1,595, Ether has seen a 1.73% decline in 24 hours. On a weekly basis, Ether’s performance has lagged behind Bitcoin, with its spot price decreasing by 2.24%.
Solana (SOL), currently valued at $17.77, has also lagged behind the market, posting a 3.08% decline in the last 24 hours and an 8.7% weekly drop. The once-popular altcoin is facing a downturn, with individual investors and the DeFi ecosystem on the platform feeling the impact of declining liquidity and trading volumes. The main driver behind this price decline is FTX’s plan to liquidate $3.4 billion worth of cryptocurrencies, including SOL, held in reserves.
The global cryptocurrency market capitalization currently stands at $1.02 trillion, slightly down from $1.045 trillion recorded a week ago, indicating ongoing cautious sentiment in the crypto markets.
Read more:
- As Cardano Profits Slide, Investors Look to Optimism and Domini for Fresh Gains
- Crypto Frenzy: Cardano Sees Volume Explosion, DigiToads Poised for a 1000% Leap $7 Million Raised In Presale
- Cardano Is Not A Ghost Chain, Says Founder, DigiToads Presale Nears $7 Million, Defying Market Trends
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About The Author
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].
