Cardano dumps 12% right after the hard fork as the entire crypto market got down to $2 trillion as BTC slipped to $44,000 so let’s take a closer look at the price charts in our latest Cardano ADA news.
Bitcoin attempted another breakout above the $46,000 but got rejected as it lost $2000 since then while most other altcoins bled out and included massive drops from the coins like Solana and Terra. A lot can change in the volatile crypto market as Bitcoin aimed high a week ago but then stood confidently above $50,000. it went even further and touched the $53,000 for a new high before a new crash drove it south by $10,000. it had a hard time recovering since then as it bounced off to $46,000. it then consolidated around that level for a few days and attempted to break out a day ago.
BTCUSD. Source TradingView
The bears intercepted the move and the high of $46,000 but they pushed the asset down once again and BTC has lost more than $2000 since then. The main cryptocurrency is now down to just over $44,000. Its market cap dipped to $840 billion but the dominance over the altcoins increased to 41.5% as most of the coins are deeper in the red. The alternative coins are now in worse shape than the market leader. ETH lost a huge chunk of the value of 7% and now stands below $3200. it’s also worth noting that the second-biggest crypto spiked above $4000 ten-day sago. Cardano dumps 12% after hours of the hard fork with the sell the news effect driving ADA to around $2.3.
Cryptocurrency Market Overview. Source Quantify Crypto
Binance coin dropped by 5% below $400, Ripple dropped by 5% to $1, DOGE dropped alongside BCH, LTC, and Chainlink with similar losses in a day. Solana and Terra dumped 16% and 20% respectively with SOL sitting at $150 and LUNA down to $35. Polkadot is one of the larger-cap altcoins that are in the green as it increased by 5% to above $33. more double-digit losses were evident from Avalanche that dropped 18%, Fantom dropping by 15%, CELo by 14%, and NEAR Protocol by 12%. The crypto market cap lost another $110 billion in one day and sits at $2 trillion right now.
As recently reported, Cardano now has smart contracts capabilities to further bolsters its ecosystem because as of now, it saw an important hard fork finally go through and Alonzo is live on the mainnet. What this means is that the network will support smart contracts and will enable various teams and projects to start building and deploying their protocols on Cardano.