[ADA] Cardano Price Drops by 5.65% But Growth in Sight

Cardano has been among one of the hottest name in the cryptocurrency markets through most of April. While the currency’s growth has slowed down – it continues to make steady progress on most days. The currency is down by 5.65% but markets are still optimistic that another major growth rally will help get the prices high once again. What makes Cardano a special name in the cryptocurrency markets is the fact that this currency has been in the markets for a very short period of time yet it has been massively successful. 

Cardano is currently the 7th largest cryptocurrency by market capitalization – and has been in the top 10 since quite a long time – this is particularly special considering the fact that Cardano started trading in October 2017. Let us now take a closer look at how Cardano’s price has performed over the past 24 hours and the past week, as well as a look at where Cardano price is heading next:

Cardano, over the past 24 hours, has seen a number of price fluctuations. The currency began to trade at the price of $0.367 – and closed the day’s trade at $0.347 – a drop of 5.65% over the 24 hour trading period. The highest point of the day came when Cardano’s price hit $0.373 – but it was all a downhill ride since then. Cardano’s market cap began the day at $9.54 Billion and closed the day at $8.99 Billion. 

A week-long analysis of Cardano price movement shows that the currency started trading at the beginning of the week at a price of $0.386 and closed at $0.347 – a significant drop for ADA prices. Cardano’s market cap over the week went from $10.01 Billion to $8.99 Billion – a little over a billion dollars were lost over the week. The lowest point of the week came at $0.324 and the highest price point was recorded at 0.386 – when the week opened. 

This price drop is a much needed correction for the currency which was on quite a boom over most of April. Following this correction, prices are expected to rise once again, helping Cardano cross the $0.4 landmark and ultimately hit $0.5 by the end of the month. Cardano is expected to be one of the strongest growing currencies of the month of May. 

For more Cardano price related updates and news stay tuned to Cryptocrimson or you can also bookmark our page. We’ll also keep adding updates to this article for real-time analysis. 

You can also check out some of our other price analysis articles here: 

Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice. 


Source link