Cardano posted significant selling pressures partly on the surging value of the U.S dollar, with the fifth most valuable crypto asset by market value, dipping below $30k.
On the FTX exchange, at around 1:35 am West African Time, Cardano posted losses of more than 10% to trade near $1.05. It was the biggest one-day percentage drop since June 21.
The U.S dollar soared past its three-month peak against a basket of major currencies, triggering investors in closing some of their risker assets positions.
Such selling pressures pushed Cardano’s market cap value to about $34 billion or 2.84% of the total crypto market valuation. At its highest price levels, the fifth most valuable crypto had a market capitalization of $71.56 billion.
Over the last seven days, the first growing crypto asset has lost about 20% in value, thus at its present price, the Crypto asset is still down 57.2% from its all-time high of $2.46 set on May 16.
A significant number of market pundits, however, remain upbeat on the crypto asset, taking into account about 70%-80% of all circulating supply is being staked, further suggesting it has a considerable number of long-term investors.
However, the odds seem to be on the crypto asset, amid bearish sentiments prevailing on the broader market spectrum as market participants can run their own validators and stake their validators.
The digital asset has a type of blockchain capability that enables people to collect and send funds, while ADA coin is the name of the crypto asset. It uses the Cardano blockchain and it also allows people to design smart contracts just like Ethereum.