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Cardano’s Market Cap Gets Down By 0.74% In One Day

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Cardano’s market cap dropped by 0.74% in one day as the ADA altcoin was trading at $0.074524 on Thursday, which is down by 10.29% on the day. This is considered the biggest day-percentage loss since June 11 as we are reading further in the following Cardano price news today.

The move downward pushed Cardano’s market cap to $1.94008 billion or 0.74% of the total market cap. At its highest point, Cardano’s market cap was set at $23.917000 billion. The ADA altcoin was trading in a range of $0.074245 to $0.085010 over the past twenty-four hours. Over the past seven days, Cardano saw a drop in value at a loss of 14% while the volume traded in the twenty-four hours to the time of writing was set at $320.046023M or 0.31% of the total volume of all crypto assets. The price traded in a range of $0.0742 to the $0.0891 over the past week.

ADA 1-day chartCardano 1-day Chart (Source: Coingecko)

At the current price, Cardano is still down by 94% from its all-time high of $1.35 set on January 4, 2018. Bitcoin was last at $9,250 on the Indexes which is down by 6.57% on the day.  This only suggests that a big move could be coming although the volatility is quite low right now. Technically, more sell action could play out once the price drops below the grey demand area and but another factor to consider is that the volume of the chart is also quite low. The bearish pressure will likely reach the grey demand zone of $0.074. Below this lies the $0.0688 support in the case as the price plunges further. Subsequent support is located at the $0.0631 inside the channel pattern which was broken on May 29.

As per the reports, The Cardano Global Blockchain Business Council and IOHK are now part of the Hyperledger consortium which works on open-source enterprise solutions using blockchain. The distributed ledger technologies (DLT) is something that Hyperledger primarily focuses on. In the meantime, Cardano Google searches hit the yearly high according to the data from Google Trends. The increase in interest for the promising blockchain platform follows the on-chain strength of the network and the major developments from IOHK all of which indicate that ADA is set for a bull rally soon.

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ADA 7-day chartCardano 7-Day Chart (Source: Coingecko.com)

The increase in popularity only confirms that ADA is becoming less concentrated over time which shows that coins are leaving the whales and go into the retail users. This doesn’t mean that institutional money doesn’t go into Cardano since the latest ADA surge was most likely fueled by the larger investors.

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Source: https://www.dcforecasts.com/cardano-news/cardanos-market-cap-gets-down-by-0-74-in-one-day/

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