With virtually all of the top cryptocurrency markets in the red once again, today will prove to be a rather interesting day. Some markets are suffering from steep losses, as the Cardano price is down by over 4%. Not a positive development for this somewhat popular altcoin, albeit there is little one can do about the current momentum.
Cardano Price Momentum Sours
It was to be expected the cryptocurrency market momentum would turn somewhat negative prior to the weekend. This particular trend has become a lot more apparent over the past few months, and there is no reason to expect any immediate changes in this regard. If the Cardano price is any indication, the coming weekend will be anything but positive for the cryptocurrency markets.
To put this into perspective, the Cardano price has lost 4.21% of its value in the past 24 hours. That makes it the worst performing cryptocurrency of the entire top 15, which isn’t something to get excited about under any circumstance. While a value of $ 0.2 is still a pretty decent Cardano price in general, it is a very long way removed from the $ 0.4 value reached just a few weeks ago.
Moreover, the Cardano price will probably continue to decline due to ongoing losses in the ADA/BTC ratio. That particular ratio has declined by 3.45% in the past 24 hours, which will only continue to drive the Cardano price lower in the hours and days to come. This is one altcoin which seemingly needs a positive Bitcoin price momentum to thrive, yet that may not materialize for quite some time to come.
Additionally, the Cardano trading volume over these past 24 hours is not impressive either. While $ 72.92m worth of trades isn’t terrible, it simply isn’t the high volume traders and speculators are looking for. Bagholders will not be too pleased with these developments, and they may very well trigger another wave of downward momentum for ADA. Even so, the situation may improve over the weekend, as it remains a rather strange period for cryptocurrency trading in general.
Based on the exchanged ranked by ADA trading volume at the time of writing, Binance maintains its dominant position on this altcoin’s market. Its BTC and USDT pairs are in first and second place, albeit Upbit’s KRW pair isn’t that far behind. Huobi’s USDT market ad Bittrex’s BTC pair complete the top five. Very little fresh capital is entering cryptocurrency right now, and Cardano isn’t getting much of it at this stage.
For the time being, the cryptocurrency industry remains in a state of turmoil and unease. With bearish pressure still firmly in place, it seems unlikely anything positive will happen this weekend. Even so, stranger things have happened – and will continue to happen – in the cryptocurrency world for quite some time to come. For the Cardano price, remaining above $ 0.2 will prove to be challenging, yet it is not impossible either.