Any indication of positive momentum maturing across the cryptocurrency markets will seemingly not happen anytime soon. With the Bitcoin price still in the red, altcoins will not see much of an uptrend today. The Cardano price is a good example, as it continues to lose value at a very quick pace over the past few hours.
Cardano Price Takes a Beating
It is far from uncommon for alternative cryptocurrencies to lose value when the Bitcoin price is not going through a positive spell. Even when the value of Bitcoin rises, there’s no guarantee altcoins will see similar momentum. These past few days have not been positive for the altcoin industry as a whole. Looking at the Cardano price, it seems there may be even more trouble on the horizon.
Over the past 24 hours, the Cardano price has faced a 6.15% setback. Due to this rather steep decline, its value has dropped below $0.135 once again. It remains to be seen how things will evolve in this regard, albeit the current trend does not instill too much confidence where this particular altcoin is concerned. If the current momentum is any indication, there may be an even bigger decline on the horizon for Cardano.
The fact this altcoin is losing value compared to Bitcoin is not helping matters much either. More specifically, the ADA/BTC ratio has decreased by 6.02% in the past 24 hours. Given Bitcoin’s current dip and sideways trading, it is evident things are not looking good for any altcoin. Until Bitcoin recovers, the Cardano price will not see any notable uptrend either.
With the overall cryptocurrency trading volume still on the low side of the spectrum, Cardano is feeling the pressure as well. Its overall trading volume has declined to $61m, which is far from sufficient to make the Cardano price reverse course anytime soon. Even so, the weekend is almost upon us, and anything can happen during those two days.
Upbit is leading the ADA trading charts ranked by volume with its KRW market. Binance has a BTC and USDT pair in the top three, followed by another USDT pair courtesy of Huobi. Bithumb completes the top five with the second KRW market. Two fiat currency pairs in the top five is pretty good for Cardano, although it may not necessarily be sufficient to do anything about the current price.
Despite the current bearish pressure affecting all altcoin markets, there is still light at the end of the tunnel. Once Bitcoin picks up the pace again, all other markets should follow suit in fairly quick succession. For the Cardano price, the current value of $0.1335 seems fair, although it may dip a lot lower in the coming days and weeks.