Cardano posts biggest daily drop since September 7 amid profit-taking

As the broader market suffered from profit-taking in the past few hours, altcoins like Cardano posted significant losses.

FTX Exchange on Wednesday, quoted Cardano at $2.0601, down 10.80% on the day. The loss was the biggest since September 7.

While it was flipped by Solana, ADA did not perform well until November 8. ADA bulls however demonstrated their vigour, rallying by over 30% on November 9, to hit another one-month high. As a result of the bears counteracting the increasing buying power, the price action witnessed a retracement.

During the downward move, Cardano’s market cap lowered to $70 billion, or 2.49% of the market valuation of all crypto assets combined. Its high valuation is $94.8 billion.

For the day, Cardano traded between $2.0586 and $2.3263.

Cardano has stagnated in value over the past seven days, moving only 1.49%. To date, Cardano has traded for $5.436 billion, or 3.63% of all cryptocurrency trades. In the past week, the price has fluctuated between $1.9437 and $2.3746.

Cardano’s current price represents a 33.52% decline from its all-time high of $3.10 on September 2.

Founded in 2017, Cardano is named after the Italian polymath of the 16th century, Gerolamo Cardano. ADA is named for Ada Lovelace, a mathematician and computer programmer of the 19th century.

The ADA tokens are designed to let owners be a part of the network’s operation. The holders of cryptocurrencies, therefore, have the right to vote on any proposed changes to the software.

The team behind the layered blockchain say that there have already been some compelling use cases for its technology, which aims to allow decentralized apps and smart contracts to be developed with modularity.