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Cardano rises 6% against Bitcoin despite broad market sell-off

Cardano rises 6% against Bitcoin despite broad market sell-off

Cardano’s ADA has risen by almost 6% in opposition to Bitcoin regardless of the broad market sell-off within the final 24 hours, in line with CryptoSlate’s knowledge.

The ADA/BTC spot pair on Binance increased by 0.00000087 through the reporting interval to as excessive as 0.00001571. Nonetheless, it has retraced to 0.00001562 on the time of writing.

ADA BTC chart
Supply: Tradingview

Apparently, the ADA token additionally rose by 7% to 0.0002207 in opposition to Ethereum (ETH), in line with CryptoSlate’s knowledge.

Cardano’s improved efficiency in opposition to Bitcoin and Ethereum coincided with when the full worth of belongings locked within the community’s decentralized finance ecosystem reached a brand new all-time excessive relating to ADA tokens.

ADA’s market dominance rises

Cardano’s ADA market dominance has additionally risen through the reporting interval by 2.17% to 1.21, in line with tradingview knowledge.

ADA's market dominance
Supply: Tradingview

Market dominance is used to measure the ratio between the market cap of an asset to the remainder of the cryptocurrency market.

ADA’s market dominance had fallen to its early January degree of 1.15 earlier than rebounding to its present standing because the digital asset gained floor in opposition to the highest two digital belongings.

Cardano’s ADA is the seventh largest digital asset with a market cap of $10.8 billion, in line with CryptoSlate’s knowledge.

ADA’s USD worth is 3% down

In the meantime, when ADA’s worth is denominated in US {Dollars}, it has fallen by 2.1% and is buying and selling for $0.31561 as of press time, in line with CryptoSlate’s knowledge.

Cardano Price Performance
Supply: Tradingview

ADA’s USD worth displays the broader crypto market’s damaging efficiency during the last 24 hours. The business witnessed a major sell-off that wiped off roughly $78 billion from crypto’s market cap.

Rival digital belongings like Bitcoin tanked beneath $20,000 whereas Ethereum fell greater than 10% to $1,387. In the course of the interval, the market liquidated over $400 million from merchants who held lengthy positions within the cryptocurrencies, in line with Coinglass data.

In the meantime, most Cardano buyers are holding the token at a loss, in line with IntoTheBlock data.

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