Cardano Plunges 10% in Major Selloff

Cardano, a prominent cryptocurrency, experienced a significant selloff on Monday, with its price dropping by 10.16% to $0.9126 by 13:38 (18:38 GMT). This marked the largest one-day percentage loss for the cryptocurrency since March 3. The decline pushed Cardano's market capitalization down to $33.5541 billion, representing 1.14% of the total cryptocurrency market capitalization. At its peak, Cardano's market capitalization reached $94.8001 billion.

In the previous 24 hours, Cardano had traded within a range of $0.9096 to $1.1562. Over the past seven days, the cryptocurrency had seen a rise in value, gaining 30.16%. The volume of Cardano traded in the 24 hours leading up to the time of writing was $7.7772 billion, accounting for 4.70% of the total volume of all cryptocurrencies. During this period, Cardano traded within a range of $0.5813 to $1.1562.

Despite the recent gains, Cardano remains significantly below its all-time high of $3.10, which was set on September 2, 2021. At its current price, Cardano is down 70.55% from this peak.

The selloff in Cardano comes amidst a broader decline in the cryptocurrency market. Bitcoin, the world's largest cryptocurrency, was last trading at $87,605.2, down 5.65% on the day. Ethereum, the second-largest cryptocurrency, was trading at $2,205.73, a loss of 10.87%. Bitcoin's market capitalization was last at $1,769.3697 billion, representing 60.24% of the total cryptocurrency market capitalization, while Ethereum's market capitalization totaled $271.4608 billion, accounting for 9.24% of the total cryptocurrency market value.