The cryptocurrency markets are always unpredictable. This is especially true when people start taking a closer look at the price. For the time being, the majority of top cryptocurrencies is still in the dirt. Although most losses are minimal, the Cardano price is showing a slightly bigger retrace. Whether or not that situation will remain, is a different matter altogether.
Cardano Price Struggles Continue
There isn’t much to be excited about when it comes to the prices of individual cryptocurrencies these days. It almost feels as if all currencies will suffer from bearish momentum all year long. This negative trend will turn around at some point, though, yet no one knows for sure when that will be. As of right now, the Cardano price is struggling for traction, as it has done for quite some time now.
Ever since the Cardano price hit an all-time high of $1.23 late last year, things have gone from bad to worse pretty quickly. While it is evident the same trend applies to all other cryptocurrencies as well, a lot of people have high hopes for Cardano moving forward. Right now, the Cardano price has continued to decline over the past three months, and is currently valued at just $0.18. It is a lot lower than most people are comfortable with, and the bottom may not be in sight just yet.
More specifically, the Cardano price is losing value both due to Bitcoin’s decline and losing ground in the ADA/BC ratio. Over the past 24 hours, the USD loss amounts to 6.6%, whereas the ADA/BTC decline adds up to 5.33%. With both of these trends culminating at the same time, it is not unlikely the Cardano price will drop to $0.15 in the coming days.
Although Cardano still has $70.18m in 24-hour trading volume, this is a lot lower than most people want to see. At the same time, the overall cryptocurrency trading volume continues to dip lower as well, as we are under $12bn right now If this trend keeps up, the overall volume may drop below $10bn, which would be troublesome for many different altcoins, including Cardano.
Right now, Upbit is still generating a lot of ADA trading volume followed by Binance abed Bittrex. This interest from South Korean exchanges is not new in the world of altcoins, but it also shows the rest of the world doesn’t care too much about ADA as of right now. Upbit alone generates over 48% of all trades, although it remains to be seen how this trend will unfold over the next few days and weeks.
Whether or not the Cardano price can make up some of the lost ground in the coming days, remains to be determined. It is evident the momentum is not in favor of any cryptocurrency right now, yet this industry tends to turn around quickly when people least expect it. Until the Bitcoin price rises, we may not see any significant Cardano price momentum to speak of.