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The cryptocurrency market fell into the weekend, with major coins, like Cardano's ADA, plunging by more than 7%.
Bitcoin's price fell significantly, causing major losses across the cryptocurrency market. Bullish cryptocurrency bets lost more than $500 million in the last 24 hours as traders took profits as the markets fell.
Over the past 24 hours, the price of ADA has dropped by nearly 3.76%, reaching around $0.76. This decline is part of a broader trend, which coincides with a general dip in the cryptocurrency market. Nonetheless, Cardano (ADA) saw an increase in trading volume, reaching $1.2 billion, according to CoinMarketCap data.
If the price continues lower, Cardano could drop to the 50-day SMA at $0.69 and later to support at $0.60. Contrarily, a strong bounce off $0.75 shows demand at lower levels. The bulls will then seek to push the ADA price above $0.86. If they succeed, Cardano might reach $1.01.
Cardano sees growth
According to Messari's recently released report, in Q1, Cardano's stablecoin market cap increased by 30% to $30.1 million.
Cardano's average transaction cost increased 27% to $0.29, while the average transaction fee (in ADA) increased 1% quarterly to 0.34. Cardano's treasury balance (in ADA) increased 5% quarterly to 1.7 billion ADA, while the treasury's USD value declined by 19% to $1.1 billion. The treasury provides funds to sustain and expand Cardano, with resources deployed through community governance following the Plomin hard fork in Q4. Currently, 20% of Cardano's transaction fees are directed to the treasury, which can be modified through governance.
The Plomin Upgrade, implemented through CIP-1694, enabled 1,220 DReps to support decentralized governance, marking a historic moment. With Ouroboros Leios prepared to cut block production and finality to a few seconds, Midnight's ZK-proof privacy features and the Grayscale ETF filing, Cardano is anticipating major milestones in the coming days.
Vladislav Sopov
U.Today Editorial Team