Cardano rises 6% against Bitcoin despite broad market sell-off
When Cardano's ADA value is denominated in US Dollar, it has fallen by 2.54% and is trading for $0.31589 as of press time.
Cardano’s ADA has risen by nearly 6% against Bitcoin despite the broad market sell-off in the last 24 hours, according to CryptoSlate’s data.
The ADA/BTC spot pair on Binance increased by 0.00000087 during the reporting period to as high as 0.00001571. However, it has retraced to 0.00001562 at the time of writing.
Interestingly, the ADA token also rose by 7% to 0.0002207 against Ethereum (ETH), according to CryptoSlate’s data.
Cardano’s improved performance against Bitcoin and Ethereum coincided with when the total value of assets locked in the network’s decentralized finance ecosystem reached a new all-time high regarding ADA tokens.
ADA’s market dominance rises
Cardano’s ADA market dominance has also risen during the reporting period by 2.17% to 1.21, according to tradingview data.
Market dominance is used to measure the ratio between the market cap of an asset to the rest of the cryptocurrency market.
ADA’s market dominance had fallen to its early January level of 1.15 before rebounding to its current status as the digital asset gained ground against the top two digital assets.
Cardano’s ADA is the seventh largest digital asset with a market cap of $10.8 billion, according to CryptoSlate’s data.
ADA’s USD value is 3% down
Meanwhile, when ADA’s value is denominated in US Dollars, it has fallen by 2.1% and is trading for $0.31561 as of press time, according to CryptoSlate’s data.
ADA’s USD value reflects the broader crypto market’s negative performance over the last 24 hours. The industry witnessed a significant sell-off that wiped off roughly $78 billion from crypto’s market cap.
Rival digital assets like Bitcoin tanked below $20,000 while Ethereum fell more than 10% to $1,387. During the period, the market liquidated over $400 million from traders who held long positions in the cryptocurrencies, according to Coinglass data.
Meanwhile, most Cardano investors are holding the token at a loss, according to IntoTheBlock data.