Cardano Plunges 10% in Largest Daily Loss Since February

Cardano, a prominent cryptocurrency, experienced a significant decline on Friday, with its price dropping by 10.20% to $0.5954 by 00:08 (05:08 GMT). This marked the largest one-day percentage loss for the cryptocurrency since February 24. The decrease in price pushed Cardano's market capitalization down to $21.1094B, representing 0.79% of the total cryptocurrency market capitalization. At its peak, Cardano's market capitalization reached $94.8001B.

Over the past seven days, Cardano has witnessed a drop in value, with a loss of 25.3%. The volume of Cardano traded in the twenty-four hours to the time of writing was $869.2648M, accounting for 0.59% of the total volume of all cryptocurrencies. The cryptocurrency has traded in a range of $0.5912 to $0.7875 in the past seven days. Despite the recent decline, Cardano is still down 80.79% from its all-time high of $3.10, which was set on September 2, 2021.

Cardano's decline comes amidst a broader sell-off in the cryptocurrency market. Bitcoin, the world's largest cryptocurrency, was last trading at $79,953.1, down 6.91% on the day. Ethereum, the second-largest cryptocurrency, was trading at $2,124.78, with a loss of 9.23%. Bitcoin's market capitalization was last at $1,595.3999B, representing 59.80% of the total cryptocurrency market capitalization, while Ethereum's market capitalization totaled $257.3221B, accounting for 9.65% of the total cryptocurrency market value.