Home Analysis Cardano rises 6% against Bitcoin despite broad market sell-off

Cardano rises 6% against Bitcoin despite broad market sell-off

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Cardano’s ADA rose nearly 6% against Bitcoin despite the broad market selloff over the past 24 hours. of crypto slate data.

Binance ADA/BTC spot pair gain It increased by 0.00000087 to 0.00001571 during the reporting period. However, at the time of writing it’s back at 0.00001562.

ADA BTC Chart
Source: Trading View

Interestingly, ADA token also gained 7% against Ethereum (ETH) to 0.0002207. of crypto slate data.

Cardano’s improved performance against Bitcoin and Ethereum coincided with a time when the total value of assets locked in the network’s decentralized financial ecosystem reached an all-time high for ADA tokens.

ADA gains market dominance

According to TradingView data, Cardano’s ADA market dominance increased by 2.17% to 1.21% during the reporting period.

Market advantage of ADA
Source: Trading View

Market dominance is used to measure the ratio between an asset’s market capitalization and the rest of the cryptocurrency market.

ADA’s market dominance dropped to its early January level of 1.15 before reverting to its current state as digital assets gained ground against the top two digital assets.

Cardano’s ADA is the 7th largest digital asset with a market capitalization of $10.8 billion. of crypto slate data.

ADA USD value down 3%

On the other hand, when the value of ADA is denominated in US dollars, it has fallen 2.1% and is trading in dollars.0.31561 press time now, according to of crypto slate data.

Cardano price performance
Source: Trading View

ADA’s USD value reflects the negative performance of the broader cryptocurrency market over the past 24 hours. The industry witnessed a major sell-off that wiped nearly $78 billion from the cryptocurrency market cap.

Rival digital assets like Bitcoin fell below $20,000 while Ethereum fell more than 10% to $1,387. According to Coinglass, the market liquidated more than $400 million from traders who held long positions in cryptocurrencies during this period. data.

Meanwhile, IntoTheBlock says most Cardano investors are holding their tokens in the red data.

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