- Cardano has had a rough couple of weeks, which led to it losing its spot to Dogecoin and Solana.
- Over the past week, Cardano has plunged a significant amount.
- Cardano has since rebounded and reclaimed its favorite spot.
The crypto market has taken a tumultuous turn, dealing heavy blows to major tokens like Cardano, Bitcoin (BTC), and Ethereum (ETH), resulting in substantial losses. Like many others, the assets were forced out of their ranges and have yet to recover from their fall.
After weathering weeks of turbulence, Cardano is finally showing some signs of recovery as it clinches its spot back from its competitors and emerges from the storm.
Cardano Looks to Recover
The recent crypto market-wide crash caused ADA to plunge by 18%, plummeting from $0.29 to $0.23 in two days. This sudden drop led to Cardano losing its long-held 7th spot in total market cap rankings to Dogecoin (DOGE) and Solana (SOL).
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However, Cardano has since bounced back by 15% and is currently trading at $0.265, boasting a daily trading volume exceeding $182 million. ADA’s recovery was facilitated by a boost from the strong demand zone between $0.24 and $0.25, which allowed the Proof-of-Stake network to reclaim its former position, with a market capitalization now surpassing $9.3 billion.
In contrast, Dogecoin’s market capitalization hovered at $8.8 billion, while Solana’s market capitalization stood at $8.6 billion. Over the past week, both tokens incurred losses of over 30% and 21%, respectively, and have yet to show signs of recovery.
While most altcoins swiftly regained balance after visiting their demand zone, Solana and Dogecoin have yet to tap into their respective liquidity zones.
On the Flipside
- Following ADA’s plunge, CoinGlass revealed that traders incurred losses exceeding $9 million across ADA long positions since the Bulls faltered at holding support.
- As per CoinGlass, the unexpected flash crash shook the market out of $1.2 billion in liquidations across crypto-tracked futures.
- The recent crypto market crash led to a rise in the percentage of Cardano holders experiencing losses, reaching 92%.
- The recent crypto market downturn wiped out approximately $116 billion from the total crypto market capitalization.
Why This Matters
Cardano reclaiming its spot from Dogecoin and Solana signals its stability and strength in the face of chaos. This achievement could instill confidence in ADA investors and raise demand.
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