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.
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