 ▲ Cardano (ADA) |
Cardano (ADA) plunged within a single day, standing at the center of mounting sell-off fears spreading across the broader cryptocurrency market.
According to global financial media outlet Investing.com on February 28 (local time), Cardano was trading at around $0.2625 on the Investing.com Index, down approximately 9% on the day. This marked the largest single-day drop since February 5, exerting strong downward pressure on the overall market.
Following the decline, Cardano’s market capitalization shrank to $9.6334 billion, accounting for about 0.44% of the total cryptocurrency market cap. Compared to its previous all-time high market capitalization of $94.801 billion, Cardano’s current standing has significantly weakened.
Over the past 24 hours, Cardano traded between $0.262 and $0.2796. Daily trading volume reached $491.1815 million, representing 0.53% of the total cryptocurrency trading volume.
Bitcoin (BTC) and Ethereum (ETH) also failed to escape the downturn, further deepening the overall market slump. Bitcoin fell 6.40% to $63,334.3, while Ethereum dropped 9.35% to $1,845.68, showing a sharp decline similar to Cardano.
Cardano remains down 91.52% from its all-time high of $3.10 recorded on September 2, 2021, with little sign of recovery. As key support levels continue to break down, investor concerns are growing over further declines rather than a short-term rebound.
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