Cardano (ADA) has suffered a huge drop in market capitalization of $1 billion as a result of the latest crypto market slump. This happened as the price of ADA plunged by more than 9%, cancelling out all of the profits made in the previous days at its peak. Cardano is now the seventh-largest cryptocurrency by market capitalization, according to CoinMarketCap, with $14.58 billion.
The ADA price did manage to establish support close to the $0.41 per token region, so there is some good news in this downturn. This shows that there are significant customers who are prepared to take a chance and purchase the token at these prices in the hopes of seeing it rise.
What’s next for Cardano (ADA)?
It is clear that the price movement of the Cardano token is currently influenced by the market trend in the lack of its own intrinsic drivers. If the recent dip was an effort to get rid of latecomers and the greediest investors, and the market grows after the “cleanup,” then ADA will be okay.
It is significant to remember that the bitcoin market is unstable, and corrections like this one happen frequently. The market is still volatile, but Cardano has a possibility to recover more powerfully than ever if the cleanup results in more growth.
