The cryptocurrency market saw widespread declines today, with many major assets losing ground following recent surges.
Bitcoin slipped below $90,000, dipping briefly under $87,000, while Ethereum fell to just almost $3,000. The memecoin market also experienced a dip.
In contrast, Cardano’s ADA stood out as one of the few cryptocurrencies defying the downturn. The token surged by 19.5% in the past 24 hours, trading above $0.67 after briefly reaching $0.70 earlier today – its highest price since mid-March.
Cardano has surged over 50% in the past week and reached a market cap of around $23.5 billion, with a 24-hour volume of $3.6 billion.
The rally came as Charles Hoskinson, Cardano’s creator, revealed his involvement in a proposed group tasked with crafting a cryptocurrency regulatory framework under the Trump administration. This announcement sparked renewed interest in ADA, propelling it upward despite broader market declines.
In the past 24 hours $8.58 million were liquidated from ADA’s futures markets – $4.86 million in long positions, and $3.72 million in shorts.
The 1-day technical analysis from TradingView shows a bullish picture – the summary and moving averages point to “strong buy” at 16 and 14, respectively, while oscillators show “buy” at 2.
Binance, one of the largest cryptocurrency exchanges globally, is enchancing its Spot trading platform by introducing new trading pairs and Trading Bot services.
The crypto market constantly sees new assets emerge, but not all make a lasting impact. Some coins slowly gain value, while others quickly lose momentum.
A prominent crypto analyst, known as Cheds, has issued a warning about Dogecoin’s (DOGE) potential decline amid the ongoing market correction.
Crypto analyst Ali Martinez has raised concerns about a potential downturn for XRP and three other altcoins, warning that they may experience a sudden drop.