In the second week of October, the market value of Bitcoin has remained at between US$54,000 and US$57,000. At the same time, countless alternative crypto assets have yet to see the made by leading crypto assets in the past two weeks. For example, in terms of valuation, Cardano used to be the third largest cryptocurrency market, but after falling 4.8%, Cardano slipped to fifth place last week.

Cardano drops from the third largest cryptocurrency market capitalization to the fifth largest

The digital currency Cardano (ADA) has made considerable in the past 12 months, as ADA has increased by 1,840.5% year-to-date. Even Kiss lead singer Gene Simmons told the on October 10 why he invested $300,000 in Cardano (ADA) and the return it has brought him so far. However, in the past month, ADA has fallen by 18% and 4.8% respectively in the past 7 days. The market value of ADA is not small, slightly lower than the overall valuation of the stablecoin tether (USDT), because the market value of Cardano on Wednesday was approximately US$68.1 billion.

Cardano falls to the 5th largest crypto market position — ADA has fallen 30% since it hit a record high last month
Cardano (ADA) on October 13, 2021. ADA has fallen by more than 30% since its record high on September 2, 2021, reaching US$3.09 per unit

The global trading volume of the ADA market on Wednesday was approximately US$1.9 billion, and the cryptocurrency exchange Binance currently accounts for the highest Cardano trading volume. Tether (USDT) is the top currency pair in Cardano on Wednesday, accounting for 58.58% of all ADA transactions. Followed by BTC (10.91%), USD (5.75%), BUSD (5.61%) and EUR (3.89%). The Korean won occupies the sixth place with 3.44% of ADA swaps, and today ETH occupies about 2.69% of the Cardano exchange.

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Cardano prices have fallen by 30% since historical highs

Cardano hit a record high on September 2, 2021, reaching $3.09 per unit, but it has fallen by more than 30% since that day. ADA is currently exchanging prices slightly above the $2 handle, and the crypto asset Binance Coin (BNB) is now ranked third in terms of market capitalization. Despite falling to fifth place, Cardano still accounts for 2.86% of the entire $2.386 trillion crypto economy among the existing more than 10,000 digital assets.

ADA needs to increase by more than 15% to compete for the third largest market position-BNB’s $77.7 billion market valuation. However, the market value of encrypted assets is only 2.34% lower than Tether’s overall market valuation of US$69.8 billion. In addition, ADA is not the only smart contract cryptocurrency that has been hit recently. Solana (SOL) fell 10% this week, terra (LUNA) fell 18.7%, and Avalanche (AVAX) fell 14.3% last week.

What do you think of Cardano’s market performance in the past month? Please tell us your thoughts on this topic in the comments section below.

Tags in this story

1.9 billion US dollars in trading volume, ADA, ADA market, alternative assets, avalanche (AVAX), Cardano, Cardano (ADA), Cardano market, Cardano price, crypto economy, market value, market valuation, Solana (SOL), terra (LUNA)

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